LOTTE Chemical disclosed tentative performance of 2Q 2021
■ 4,352 billion KRW revenue and 594 billion KRW operating profit in 2Q 2021
- Revenue increased by 62.3% and operating profit by 1,704.5% compared to previous year.
■ 8,520.3 billion KRW revenue and 1,217.8 billion KRW operating profit in the first half of 2021
- Reached over 1 trillion KRW operating profit within half a year in three years since 2018.
LOTTE Chemical announced on the 6th that they recorded 4,352 billion KRW revenue and 594 billion KRW operating profit based on tentative performance (consolidated) of 2Q 2021. This means that the revenue has increased by 62.3% and operating profit by 1,704.5% compared to the previous year.
“Global economy has recovered and the demand for petrochemical products increased overall during the first half of this year,” announced LOTTE Chemical. "We achieved 1 trillion KRW operating profit within half a year in just three years since 2018 based on the expansion of high value-added product portfolio, including eco-friendly and sanitary materials, and high cost-competitiveness.”
The following summarizes the performance of LOTTE Chemical and major subsidiaries in 2Q 2021:
- The olefin team of Basic Material Division recorded 1,897.7 billion KRW revenue and 271 billion KRW operating profit. The profitability remained sound with the recovery of frontier industry and increasing demand for eco-friendly∙sanitary materials. The aromatic team recorded 594.6 billion KRW revenue and 52.2 billion KRW operating profit, and profitability improved sharply thanks to the large demand for food/beverage containers and PIA products.
- The advanced material team recorded 1,182.3 billion KRW revenue and 126 billion KRW operating profit. Its revenue and profitability expanded with the increasing demand for electronic and appliance industries and sale of high value-added compounding products.
- LOTTE Chemical’ Titan recorded 691.5 billion KRW revenue and 119.9 billion KRW operating profit. There is high demand for disposable products and sanitary products, but supply has been limited for new and expanded properties in Southeast Asia to record a growth in revenue and sound profitability.
- LC USA recorded 126.9 billion KRW revenue and 38.1 billion KRW operating profit. The ratio of operating gain to revenue was 30% thanks to the high cost-effectiveness of shale gas and sound demand for products.
“We expect the incoming quantities from new expansions, but the decrease in product spread would be limited considering the spread of vaccination and the demand for automotive and construction industries,” prospected LOTTE Chemical for the second half. "We are planning to pursue the ‘2030 Hydrogen Growth Road Map announced last July to ensure new growth engines for the future and invest in some of the new investment related to battery and electrolyte production facilities.”