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Lotte Chemical profit beats consensus by 37.9% in Q1

Lotte Chemical Corp. said its first-quarter normalized net income came to 3,102.42 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 2,250.29 won per share.

EPS increased 227.4% year over year from 947.73 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 104.53 billion won, a gain of 227.3% from 31.93 billion won in the prior-year period.

The normalized profit margin increased to 3.7% from 0.8% in the year-earlier period.

Total revenue decreased 27.7% year over year to 2.800 trillion won from 3.873 trillion won, and total operating expenses declined 31.1% on an annual basis to 2.622 trillion won from 3.805 trillion won.

Reported net income increased 148.7% from the prior-year period to 120.74 billion won, or 3,583.53 won per share, from 48.55 billion won, or 1,441.00 won per share.

As of May 15, US$1 was equivalent to 1,083.65 South Korean won.