Korean Firms Report Falling Profits

Leading Korean chemical companies reported falling profits in the first quarter of 2012. LG Chem (Seoul) posted a 42% fall in net profits for the first quarter, compared with the year-ago period, to won380.9 billion ($336 million). First-quarter sales increased by almost 5%, however, to won5.75 trillion. Operating profits for the first quarter decreased 45%, to won459.5 billion. SK Global Chemical, the petrochemicals business of SK Innovation (Seoul)—formerly SK Energy—recorded a 25% fall in operating profits for the first quarter, to won181.9...

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