S Korean OCI's Q4 net profit plunges 70% on lower polysilicon prices

South Korea's chemicals and polysilicon maker OCI said Tuesday its net profit plunged 69.8% to Won 62.5 billion ($55.9 million) in the fourth quarter of 2011 from Won 206.9 billion a year ago due to lower polysilicon prices.

Operating income also dropped 66.4% year on year to Won 88.5 billion in the quarter, compared with Won 263.5 billion in Q4 2010. Sales revenue in Q4 2011 fell to Won 877.1 billion, down 4.3% from a year earlier.

For the whole of 2011, however, OCI posted a 28.9% rise in net profit to Won 862 billion because of strong earnings in the first three quarters of the year.

Full-year operating profit also climbed 29.7% to Won 1.11 trillion, as sales increased 28.7% to Won 4.28 trillion.

Operating profit for the petrochemicals/coal segment slipped 30.4% to Won 16 billion due to weak demand and higher raw material costs. Sales revenue edged down 1.9% year on year to Won 256 billion.

OCI's products include benzene, toluene and xylenes.

Operating income of its mainstay polysilicon segment plunged 90.1% year on year to Won 19 billion in Q4 as sales fell 11.6% year on year to Won 298 billion.