LG Petrochemical Co. has posted record-high earnings for the year, due to phenomenal demand for petrochemicals from China. An upturn in the global economy also helped prop up profit margins and annual earnings.
However, LG has posted a 21% loss for the fourth-quarter, with net income lost for the quarter standing at 58.4 billion won (US$57 million), mainly due to surging raw material costs that cut into profit. The price of naphtha rose in line with higher crude oil prices, eroding the company's quarterly profits. Price of naphtha, the principle feedstock used, jumped nearly 50% in the October-December period, as compared to 2003.
31-Jan-05 
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