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LG Chemical Q1 profit soars on strong materials demand

South Korean maker sees revenue jump 43% amid COVID crisis

Demand for surgical gloves driven by the COVID-19 pandemic also helped the company boost sales of raw materials.   © Reuters

SEOUL (Reuters) -- LG Chem reported a more than six-fold jump in quarterly operating profit on Wednesday, as demand for surgical gloves and consumer electronics driven by the COVID-19 pandemic boosted sales of raw materials such as chemicals.

The South Korean chemicals and battery maker, whose wholly-owned battery subsidiary LG Energy Solution supplies Tesla Inc and General Motors Co, posted operating profit of 1.4 trillion won ($1.26 billion) for the January-March period, versus 206 billion won a year earlier.

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