LX Inter, Record High Q1 Sales and Operating Profit Driven by Strong Raw Material Prices

[Asia Economy Reporter Oh Hyung-gil] LX International achieved record-high quarterly operating profit and sales in the first quarter.

LX International announced on the 14th that its consolidated provisional operating profit for the first quarter reached 245.7 billion KRW, a 116.9% increase compared to the same period last year. This is the highest quarterly figure ever recorded.

Sales also hit a record quarterly high of 4.9181 trillion KRW, up 33.5% from the same period last year.

The industry estimates that this is due to the strong prices of raw materials handled by LX International, such as thermal coal and palm oil, amid the Russia-Ukraine war.

Logistics also showed a strong freight rate at the beginning of the year followed by a gradual adjustment, leading to significant performance improvements for LX Pantos, the logistics subsidiary.