Lotte Chemical swings to Q3 net profit on narrowed losses in basic chemicals division

Lotte Chemical Corp. said Thursday it swung to a net profit in the third quarter from a year earlier due mainly to narrowed losses in the basic chemicals business division.

Lotte Chemical shifted to a net profit of 32.77 billion won ($25 million) in the three months ended Sept. 30 from a net loss of 31.07 billion won in the same period last year, the company said in a statement.

"On top of reduced losses in the basic chemicals division, the bottom line was buoyed by increased sales of high-end and customized chemical goods to carmakers and home appliance makers," a company spokesman said.

Lotte Chemical produces basic chemicals, such as polyethylene and ethylene, that are used in making plastics and industrial chemicals widely used in construction and the automotive sector, as well as other areas.

The chemical unit of South Korea's retail giant Lotte Group also swung to an operating profit of 28.08 billion won in the third quarter from an operating loss of 451.25 billion won a year ago.

Sales fell 13 percent to 4.81 trillion won from 5.5 trillion won during the same period. (Yonhap)