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Lotte Chemical Q1 profit climbs 82.2% YOY

Lotte Chemical Corp. said its first-quarter normalized net income amounted to 15,476.71 South Korean won per share, a gain of 80.9% from 8,556.43 won per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 525.25 billion won, a gain of 82.2% from 288.29 billion won in the prior-year period.

The normalized profit margin rose to 13.1% from 10.7% in the year-earlier period.

Total revenue climbed 48.9% on an annual basis to 3.996 trillion won from 2.684 trillion won, and total operating expenses increased 43.9% on an annual basis to 3.181 trillion won from 2.210 trillion won.

Reported net income rose 85.0% from the prior-year period to 640.24 billion won, or 18,864.90 won per share, from 346.15 billion won, or 10,273.97 won per share.

As of May 15, US$1 was equivalent to 1,116.40 South Korean won.