LG Chem boss takes steps to improve profitability

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LG Chem boss takes steps to improve profitability

LG Chem CEO Park Jin-soo urged employees to take pre-emptive measures to overcome a difficult business environment, as the nation’s largest chemical company tries to improve profitability.

Park, who is vice chairman of the LG Group, emphasized that its petrochemical business could face worsening profitability, while its electric materials and battery businesses could also face a slump due to sluggish growth in the IT industry.

LG Chem saw its operating profit decline 8.8 percent year-on-year to 1.74 trillion won ($1.5 billion) in 2013, while sales also dropped 0.5 percent to 23.14 trillion won.

The company aims to collect 23.92 trillion won in sales this year, up 3.4 percent from a year ago. It is planning to invest 1.95 trillion won for improved production facilities, up 41.3 percent from 2013.

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