Net income stood at 645.7 billion won (US$530.5 million) in the April-June period, compared with 474.7 billion won a year ago, LG Chem said.
Sales rose to 5.03 trillion won in the period, up 31.3 percent from a year ago, and operating profit jumped 31.6 percent to 827.9 billion won.
The results include the performances of overseas units, LG Chem said.
LG Chem said its improved bottom line in the second quarter is attributable to rises in sales and prices of petrochemical products on increased demand from emerging markets.
The strong second-quarter performance also stemmed from increased demand for light-emitting diodes (LEDs) for TVs in China and batteries for electric vehicles (EVs), the company said.
The petrochemical sector recorded 3.76 trillion won in sales and 623.9 billion won in operating profit during the same period, while its IT material sector posted sales of 1.3 trillion won and an operating profit of 206 billion won.
LG Chem has fared well in the sector of batteries for EVs. The company said Wednesday that its U.S. unit Compact Power Inc. (CPI) was chosen as a provider of rechargeable batteries for the Ford Focus Electric.
The deal with Ford increases the number of companies supplied with batteries by LG Chem to seven from six, including South Korea's top automaker Hyundai Kia Automotive Group and Sweden's Volvo Cars Corp., according to LG Chem.
LG Chem broke ground Thursday for a battery plant worth $303 million in Holland, Michigan, to provide batteries for General Motors Co. The plant is scheduled to be completed by 2012.
LG Chem forecast that its petrochemical sector will sustain high profitability in the third quarter on the back of sales of high-value added products, and its IT material sector will also maintain steady growth boosted by increased demand and production capacity.
Despite its stellar performances, shares of LG Chem fell 1.23 percent to close at 321,500 won on the Seoul bourse.
reporter
Park Sae-jin
swatchsjp@ajunews.com