(LEAD) LG Chem Q2 net plunges 91 pct as battery unit struggles

LG Chem Ltd., South Korea's leading chemical company, said Thursday its second-quarter net profit plunged 91 percent from a year earlier on sharply decreased shareholding gains from battery unit. Net profit for the three months ended in June plummeted to 59.79 billion won (US$43 million) from 670.81 billion won in the same period of last year, the company said in a statement. "The petrochemical business shifted to a profit in the second quarter (from a year ago), but sharply decreased equity gains from key affiliate LG Energy Solution dealt a blow to the bottom line," a company spokesperson said. LG Chem owns a 81.84 percent stake in LG Energy Solution, the country's biggest car battery maker by sales. Operating profit fell 34 percent to 405.86 billion won in the second quarter from 617.64 billion won a year ago. Sales were down 14 percent to 12.29 trillion won from 14.34 trillion won. Source: Yonhap News Agency