(MENAFN- Qatar News Agency) oul April 18 - LG Chem the world's largest lithium-ion battery maker said Friday its first-quarter net income fell 16 percent from a year ago due to sluggish performance of its IT sector. Net profit came to 286.01 billion won (US$275.7 million) in the January-March period from 340.44 billion won a year earlier the company said in a regulatory filing South Korean News Agency (Yonhap) reported. Sales also fell 0.8 percent to 5.67 trillion won in the period and operating profit dropped 11.4 percent to 362.09 billion won. The figures included earnings of LG Chem and its subsidiaries. Sales at the company's IT sector recorded 670.3 billion won. It posted an operating profit of 37 billion won in the first quarter down from 97 billion won from a year ago. The petrochemical business logged 4.41 trillion won in sales while recording 308 billion won in operating profit up from 323.8 billion won in the previous earlier. In the sector of rechargeable batteries the company posted 681.2 billion won in sales and its operating profit was 17.4 billion won in the first three months of the year turning to the black from an operating loss of 12 billion won. The company predicted its earnings to improve in the second quarter citing anticipated recovery in demands for petrochemicals and IT products. LG Chem released its first-quarter earnings after the market closed. Shares of LG Chem advanced 2.10 percent to 268000 won on the Korea Exchange on Friday.
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