Seoul: Lotte Chemical Corp. on Monday reported its first-quarter net profit of 33.5 billion won (US$22.7 million), marking a significant turnaround from a loss of 246.3 billion won a year earlier.

According to Yonhap News Agency, the company, which is part of Lotte Group, also recorded an operating income of 73.5 billion won for the January-March period, compared to an operating loss of 126.6 billion won during the same period last year. Additionally, Lotte Chemical's revenue increased by 1.8 percent, reaching 4.99 trillion won.