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LG Chem beats consensus with $500M in Q3 net profit

Published: 31 Oct. 2022, 16:32 Updated: 31 Oct. 2022, 16:33

LG Chem Vice Chair and CEO Shin Hak-cheol gives an opening speech at the annual general meeting earlier in the year. [LG CHEM]

LG Chem reported a consensus-beating net profit in the third quarter amid the advances in battery and new materials businesses.

Its net profit rose 5 percent to 713.9 billion won ($500 million), beating the market consensus of 615.6 billion won compiled by FnGuide.

Quarterly revenues came in at 14.2 trillion won, up 33.8 percent on year. It fell just short of the market expectation of 14.4 trillion won.

Operating profit rose 23.9 percent to 901.2 billion won, beating the market consensus of 851.5 billion won.

The petrochemical business generated 5.5 trillion won in revenue, down 2.4 percent on year. Operating profit dropped 91 percent to 92.6 billion won as demand declined amid global inflation.

The battery business performed well.

LG Energy Solution, an EV battery maker 81.8 percent owned by LG Chem, generated a record 7.65 trillion won in quarterly revenues. Operating profit was 521.9 billion won, marking a turnaround from the 372.8-billion-won loss a year earlier. Both figures beat market expectations.

BY SARAH CHEA [[email protected]]