(LEAD) LG Chem earnings more than triple in Q4

(ATTN: RECASTS lead; ADDS more details from para 4)
By Nam Kwang-sik
SEOUL, Jan. 29 (Yonhap) -- LG Chem Ltd., South Korea's largest chemicals maker,
said Friday that its fourth-quarter earnings more than tripled from a year
earlier thanks to robust performances by its electronics material and
petrochemical units.

Net income came to 208.5 billion won (US$180 million) in the October-December
period, compared with 61.6 billion won a year ago, LG Chem said.
Sales rose 26.5 percent on-year to 3.56 trillion won in the period and operating
profit more than doubled to 309.4 billion won.
Shares of LG Chem ended down 5.21 percent at 200,000 won on the Seoul bourse.
"Sales and profits were improved by increased sales of electronics materials
including polarizing plates for liquid crystal displays (LCDs) and small-sized
rechargeable batteries," the company said in a statement.
"The strong performances also stemmed from the petrochemical sector, which was
boosted by a rise in sales of high-priced products and a stronger won."
LG Chem's electronics material division posted 569.3 billion won in operating
profit in 2009, up 56.7 percent from a year ago, while operating profit in the
petrochemical sector rose 83.6 percent on-year to 1.67 trillion won.
For the whole of 2009, net profit rose 50.3 percent to 1.50 trillion won from a
year ago. Operating profit advanced 69 percent to 2.23 trillion won and sales
rose 8.6 percent to 15.8 trillion won. The figures were made on a consolidated
basis reflecting financial results of LG Chem and its overseas units.
Under the 2010 business plan, LG Chem is targeting 16.3 trillion won in sales, up
4.7 percent from a year ago, and 1.43 trillion won in investment, up 38.5 percent
from the previous year.
The company said it will make investments to expand its production lines for
polarizing plates used for LCDs and LCD glass and to complete construction begun
last year on two electric-vehicle rechargeable battery plants, one in South Korea
and another in the United States.
LG Chem also plans to increase the production capacity of its naphtha cracking
center by 100,000 tons. The plant is located in Yeosu, 445 kilometers south of
Seoul.
ksnam@yna.co.kr
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