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[Alpha Biz=(Chicago) Reporter Kim Jisun] Lotte Energy Materials announced on the 29th that its operating profit fell 86% year-on-year to 12 billion won last year. However, sales rose 11% to 809 billion won, the highest ever.
Sales and operating profit in the fourth quarter of last year were 229.5 billion won and 1.3 billion won, respectively. Sales rose 34% year-on-year, but operating profit fell 91%.
Cashable assets fell 27.5 percent on-year to 675 billion won last year due to the expansion of its 5th and 6th plants in Malaysia and the repayment of convertible bonds following the inclusion of Lotte Group. However, the debt ratio remains healthy at 21.6%, the company explained.
Lotte Energy Materials said, "The sluggish electric vehicle industry and falling unit prices due to oversupply of products affected profitability."
Meanwhile, Lotte Energy Materials decided to pay a cash dividend of 200 won per common stock. It will be finally approved at a regular shareholders' meeting in March.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
