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Lotte Chemical profit misses consensus by 20.5% in Q2

Lotte Chemical Corp. said its second-quarter normalized net income amounted to 12,776.25 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 16,072.89 won per share.

EPS increased year over year from 12,238.24 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 437.91 billion won, a gain of 6.2% from 412.34 billion won in the year-earlier period.

The normalized profit margin dropped to 11.4% from 12.0% in the year-earlier period.

Total revenue increased 12.0% on an annual basis to 3.853 trillion won from 3.441 trillion won, and total operating expenses increased 17.3% from the prior-year period to 3.221 trillion won from 2.747 trillion won.

Reported net income grew 12.1% on an annual basis to 515.26 billion won, or 15,032.94 won per share, from 459.74 billion won, or 13,645.05 won per share.

As of Aug. 11, US$1 was equivalent to 1,143.53 South Korean won.