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LG Chem Q1 profit soars on strong chemical material demand

SEOUL, April 28 (Reuters) - LG Chem Ltd reported a 584% rise 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.

That compared with the 1 trillion won forecast of analysts in the Refinitiv SmartEstimate. ($1 = 1,112.7100 won) (Reporting by Heekyong Yang and Joyce Lee; Editing by Jacqueline Wong)

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