Lotte Chemical's net profit in the first quarter of 2021 was 440 million won

On May 21, Lotte Chemical announced a net profit of 440 million won in the first quarter of 2021, compared with a net loss of 170.
6 million won in the first quarter of 2020
.

Regarding the change in performance, Lotte Chemical said: "Profits have improved due to the normal opening of the Daesan plant, the slow recovery of the global economy due to COVID-19, and the cold wave in the United States
.
"

The performance of Lotte Chemical and its main subsidiaries in the first quarter of 2021 is as follows
.

— The Olefins Business Unit of the Basic Materials Division posted revenue of KRW 192.
83 million and operating profit of KRW 313.
1 billion
.
As production and sales increased due to the normalization of the Dashan factory, the cold wave in the United States caused a sudden drop in supply and a recovery in demand that improved profit margins
.
The aromatics business segment recorded a turnover of KRW 527.
8 billion and an operating profit of KRW 39.
9 billion
.
Increased demand for food and beverage containers and increased sales of PIAs also contributed significantly to profitability
.

— Revenue from the Advanced Materials business was KRW 141.
4 million and operating profit was KRW 115.
7 billion
.
Strong profitability was achieved by higher profit demand for ABS and PCs for products that have become popular due to COVID-19 (such as home appliances, game consoles, TVs, etc.
)
.

— Lotte Chemical Giant's revenue was KRW 651.
1 billion and operating profit was KRW 133.
1 billion
.
North America halted facility operations due to a cold wave, reduced imports due to a lack of shipping containers, and continued strong demand for disposables and hygiene products, significantly boosting revenue and margins
.

— LC USA recorded operating income of KRW 155.
2 billion and operating profit of KRW 58.
6 billion
.
Despite the suspension of operations due to the unusual cold wave, the highest profit margin since the start of commercial production was achieved due to stable raw material costs and higher product costs
.

Regarding the second-quarter results, Lotte Chemical said: "Although new and expanded supply is expected, a similar good performance to the previous quarter is expected due to demand growth due to the recovery of the global economy
.
" It added: " We will aggressively pursue ESG stewardship, such as greener and recyclable products, while also strengthening our materials portfolio to capture future growth markets and seek to expand business opportunities
.
”