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LG Chem Q4 net jumps 89 pct on better petrochemical margins

All News 16:11 January 26, 2016

SEOUL, Jan. 26 (Yonhap) -- LG Chem Ltd., South Korea's leading chemicals and battery maker, said Tuesday its net profits soared in the fourth quarter from a year ago thanks to improved petrochemical margins amid low oil prices.

Net income came in at 207.04 billion won (US$171.93 million) in the October-December period, up 89.2 percent from a year earlier, the company said in a regulatory filing.

Sales decreased 6.2 percent on-year to 5.04 trillion won, but operating profit advanced 52 percent to 352 billion won, it said.

For all of 2015, LG Chem logged 20.2 trillion won in sales and 1.83 trillion won in operating profit.

The company said it plans to invest 1.78 trillion won in facilities and infrastructure this year to step up the auto battery business.

Shares of LG Chem tumbled 7.78 percent to 278,500 won after the Chinese government announced plans to gradually phase out subsidies for green energy vehicles in the next five years. Earnings were released after market close.


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