LG Chem posts 24.8% y/y fall in operating profit in 2014

To invest USD1.65 bil. in 2015 capex

South Korean battery manufacturer LG Chem has reported a 24.8% year-on-year (y/y) decline in operating profit during 2014, according to a company statement. Total operating profits in the year stood at KRW1.31 trillion (USD1.21 billion), of which the petrochemical division accounted for KRW1.12 trillion, while the IT and electronic materials (I&E) division and the energy solutions division contributed KRW158 billion and KRW65 billion, respectively. Total sales revenues also fell by 2.2% y/y to KRW22.6 trillion in the year. Out of this, the petro-chemical division contributed KRW17.3 trillion, followed by the I&E division with KRW2.8 trillion, and the energy solutions business with KRW2.9 trillion. Total assets were worth KRW18.13 trillion at the end of the financial year, while liabilities were KRW5.86 trillion.