LG Sangsa, Q1 Operating Profit of 113.3 Billion KRW... Record High for a Single Quarter

Recovery of Cargo Volume and Rise in Raw Material Prices Driven by Global Economic Recovery

[Asia Economy Reporter Yoo Je-hoon] LG Sangsa, which is preparing for a spin-off, posted its highest-ever quarterly operating performance in the first quarter.

LG Sangsa announced on the 12th that its consolidated sales for the first quarter were tentatively estimated at 3.6852 trillion KRW, with an operating profit of 113.3 billion KRW. These figures represent increases of 50.4% and 127.1%, respectively, compared to the same period last year.

LG Sangsa's performance this quarter significantly exceeded market expectations. Previously, securities firms had predicted LG Sangsa's first-quarter sales to be 2.892 trillion KRW and operating profit to be 68.1 billion KRW. In particular, the operating profit surpassed forecasts to reach an all-time high.

The reasons behind LG Sangsa's strong performance include the recovery of cargo volume due to the global economic recovery after COVID-19 and the rise in raw material prices. As a general trading company, LG Sangsa operates a trading business and holds a 51.0% stake in its logistics subsidiary, Pantos.

An LG Sangsa official stated, "This is the first time we have disclosed provisional quarterly results," adding, "We will provide further announcements regarding the performance in future disclosures."