LG Chem Reports Fall in Profits

LG Chem (Seoul) has reported a 42% fall in net profits for the first quarter of 2012, compared with the year-ago period, to won380.9 billion ($335 million). First-quarter sales however increased by nearly 5%, to won5.75 trillion. Operating profits for the first quarter decreased by 45%, to won 459.5 billion. Margins in the company’s petrochemical business were squeezed due to higher raw material and crude oil prices and a fall in product prices as a result of sluggish recovery in demand in China, LG Chem says. The company expects the performance of the...

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