LX International's Q3 operating profit rises 120.8% year on year, surpassing last year's full-year figure

[Financial News] LX International said it recorded consolidated revenue of 5.1872 trillion won and operating profit of 143.1 billion won in the third quarter of this year. The figures were up 15.1% and 120.8%, respectively, from the same period a year earlier.
LX International said in a disclosure on the 4th that its cumulative operating profit for the first three quarters of this year totaled 369.8 billion won. This surpassed its full-year operating profit of 292.2 billion won last year.
The improvement in performance is seen as reflecting a rebound in resource market conditions and higher ocean freight rates, alongside increased transaction volumes in its resources and logistics businesses. In fact, the price of Indonesian coal (ICI 4) rose 61.9% from the same period a year earlier, lifting selling prices at the GAM mine and increasing profits from resource trading. The ocean freight rate index also rose to at least twice its year-earlier level, driving an improvement in the logistics segment's performance.
LX International plans to focus on building a stable earnings base through balanced growth across its business portfolio.
The company plans to broaden the growth base of its resources business by improving the profitability of its bituminous coal and nickel assets while diversifying into promising minerals for the future, such as bauxite and copper. It also plans to identify business opportunities in new areas, including biomass, steel and renewable energy.
An LX International official said, "We plan to respond flexibly to rapidly changing market conditions while strengthening both our stable earnings base and medium- to long-term growth drivers."

[email protected] Park Ji-yeon Reporter