LOTTE Fine Chemical announced on the 5th that its revenue last year was 1.67 trillion won, with an operating profit of 504 million won. Compared to the same period last year, revenue decreased by 5.5%, and operating profit fell by 67.4%.
Looking only at the fourth quarter of last year, revenue was 428.6 billion won, and operating profit was 12.2 billion won. Compared to the same period last year, revenue increased by 4.2%, and operating profit grew by 43.5%.
The company noted that last year's performance deteriorated due to a decline in the sales volume of epoxy resin raw material (ECH) caused by overall economic slowdown and a drop in international ammonia prices. However, the fourth-quarter performance showed improvement due to the expansion of high-value specialty product sales.
LOTTE Fine Chemical completed the expansion of semiconductor processing raw material TMAC in the second half of last year to respond to the growing demand in Chonbang, and sales of cellulose-related products also increased compared to the previous year.
The company plans to establish global No. 1 production capacity in the food and drug cellulose derivatives market through the expansion of its cellulose food and drug plant scheduled for completion in the second half of this year. Additionally, the sales of expanded TMAC for semiconductor processing will also be fully reflected this year, enhancing expectations for a strengthened high-value specialty portfolio, LOTTE Fine Chemical explained.
In addition, the company plans to establish a foundation for becoming a hub for clean ammonia in Asia by entering the clean ammonia bunkering (ship fuel) business based on its position as the No. 1 ammonia distribution infrastructure in Asia.
Jeong Seung-won, CEO of LOTTE Fine Chemical, said, "We will accelerate the transition to a high-value portfolio through proactive investments in specialty materials, including the expansion of the food and drug cellulose plant."