LG Group's Twin Towers buildings in Seoul / Korea Times file

LG Chem, Korea's leading chemical firm, said Monday it shifted to a net loss in the fourth quarter from a year earlier due to lower demand for petrochemical and battery materials products.

LG Chem swung to a net loss of 899.2 billion won ($613.3 million) in the three months ended in December from a net profit of 128.5 billion won a year ago, the company said in a regulatory filing.

"A down cycle in the mainstay petrochemical industry and a lower demand for battery materials amid the electric vehicle (EV) chasm cut into the quarterly bottom line," a company spokesperson said over the phone.

LG Energy Solution, the country's leading battery maker, is a major affiliate of LG Chem.

The company also shifted to an operating loss of 252 billion won in the December quarter from an operating profit of 247.4 billion won a year ago.

Sales fell 6.1 percent to 12.33 trillion won from 13.13 trillion won over the cited period.

For all of 2024, net income plunged 74.9 percent to 515 billion won from 2.05 trillion won a year ago.

Operating profit plummeted 63.8 percent on-year to 916.79 billion won from 2.52 trillion won. Sales fell 11.5 percent to 48.9 trillion won from 55.2 trillion won. (Yonhap)