LG Chem's net profit increased year-on-year

Recently, LG Chem released its financial report
for the third quarter of 2022.
According to the financial report, in the third quarter, the company's net profit reached 714 billion won, a year-on-year increase of 5.
0%; Operating profit increased by 6.
4% y/y to KRW 901 billion.
Sales increased by 34.
0% y/y to KRW 14.
1 trillion
.

In terms of sub-businesses, operating profit of the petrochemicals business plunged 91.
0% to KRW 93 billion from KRW 1.
0 trillion in the same period last year.
Sales decreased 3.
6% y/y to KRW 5.
4 trillion
.
The results of the Petrochemicals business were primarily impacted
by higher oil prices and lower global demand.
The company expects the business to remain difficult in the fourth quarter due to sluggish global demand and increased supply, and expects the petrochemical market to gradually improve
from next year.

LG Chem's advanced materials business operating profit increased significantly to KRW 416 billion from KRW 49 billion in the same period last year
.
Sales of the business more than doubled to 2.
5 trillion won from 1.
1 trillion won last year
.
The increase in profit was driven by higher shipments and higher prices of battery materials, as well as growth in the cathode business, but poor demand for semiconductor materials
.
The company expects advanced materials sales to continue to grow
in the fourth quarter.