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Lotte Chemical Q2 profit climbs 823.5% YOY

Lotte Chemical Corp. said its normalized net income for the second quarter was 11,781.61 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 11,214.21 won per share.

EPS climbed 823.6% year over year from 1,275.68 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 396.95 billion won, an increase of 823.5% from 42.98 billion won in the year-earlier period.

The normalized profit margin rose to 12.7% from 1.1% in the year-earlier period.

Total revenue fell 16.0% year over year to 3.179 trillion won from 3.782 trillion won, and total operating expenses fell 31.3% on an annual basis to 2.539 trillion won from 3.698 trillion won.

Reported net income rose 773.3% from the prior-year period to 460.24 billion won, or 13,660.14 won per share, from 52.70 billion won, or 1,564.07 won per share.

As of Aug. 17, US$1 was equivalent to 1,183.06 South Korean won.