SEOUL, LG Chem Ltd., South Korea's leading chemical company, said Tuesday its first-quarter net profit plunged 49 percent from a year earlier due to higher raw material costs and lower demand amid an economic slowdown. Net profit for the three months ended in March fell to 341.69 billion won (US$248 million) from 669.05 billion won in the year-ago period, the company said in a statement. "Geopolitical risks in the Middle East drove up imported raw material prices. Battery sales to electric vehicle carmakers declined due to slowing sales of EVs," a company spokesperson said. Operating profit plummeted 67 percent to 264.63 billion won in the first quarter from 803.7 billion won a year ago. Sales fell 19 percent to 11.609 trillion won from 14.284 trillion won during the same period. Source: Yonhap News Agency
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