By Kim Yoo-chul
Staff Reporter
LG Chem, Korea's largest chemical firm by sales, reported Monday a 11.6 percent rise in its first quarter net profit largely due to a slight price rebound in its petrochemical products and a weaker local currency against the greenback.
However, total sales for the first three months of this year fell slightly, hit by still sluggish demand for petro-related products and bearish moves in oil prices.
"Worries over the global recession still remain, requiring we implement more intensive cost-cutting efforts, though our petrochemical division is expected to continue impressive moves in the second quarter due to seasonal factors," LG Chem's Vice Chairman and CEO Kim Bahn-suk said.
LG Chem has decided to invest 1.048 trillion won for facility investment.
"Our annual sales target is 12.6 trillion won, including 9.3 trillion won in the petrochemical business," according to the CEO, forecasting the market for secondary batteries was "bright."