■ 2023 Q1 revenue of 4.932 trillion KRW, operating loss of 26.2 billion KRW
■ Due to stabilization of material costs and marine transportation fees and expectations for the economy to revive, improved spread that resulted in the basic materials unit making a turnaround and the advanced materials unit improving profits compared to the previous quarter
■ LOTTE Chemical, “Though the impact of the global economic volatility is expected to continue, profitability will gradually improve as we enter the high season”…”Commercialization is continuously underway through the full-fledged expansion of the battery materials business, expansion of domestic and foreign cooperation networks on the hydrogen energy business, and technological development; existing business also raising responsiveness for global market volatility, while focusing on creating profitability by expanding the high-value specialty product portfolio"

LOTTE Chemical (CEO Kim Gyo-hyun) announced on the 11th that its 2023 Q1 tentative performance (consolidated) was 4 trillion 932.3 billion KRW and operating loss was 26.2 billion KRW.

The 2022 Q1 performance of LOTTE Chemical and its major subsidiaries are as follows.

- The basic materials business recorded 2 trillion 792 billion KRW in revenue and 28.5 billion KRW in operating profits. As raw material prices stabilized and there are anticipations for economic recovery after the Two Sessions of China, the market conditions for products improved, thus making a turnaround into the black.

- The advanced materials business recorded 1 trillion 49.5 billion KRW in revenue and 45.5 billion KRW in operating profits. Revenue dropped due to reduced product costs resulting from the slow global economy, but profits were improved compared to the previous quarter thanks to stabilization of raw material prices and shipping fees.

- LOTTE Chemical Titan recorded 574.9 billion KRW in revenue and 73.6 billion KRW in operating losses. This was due to added quantities from expansions and the global economic situation, but profitability improved slightly compared to the previous quarter.

- LC USA recorded 127.8 billion KRW in revenue and 27.9 billion KRW in operating profits. The spread improved with the stabilization of ethanol prices, but there were drops in revenue and profitability due to the cold weather.

Regarding the Q2 performance, LOTTE Chemical commented, “Though the impact of the global economic volatility is expected to continue, profitability will gradually improve as we enter the high season.”

It was also stated, “Commercialization is continuously underway through the full-fledged expansion of the battery materials business, expansion of domestic and foreign cooperation networks on the hydrogen energy business, and technological development” and, “Existing business also raising responsiveness for global market volatility, while focusing on creating profitability by expanding the high-value specialty product portfolio.”