Lotte Group says total assets stand at W139t, shrugging off liquidity concerns

Lotte Group, one of South Korea's largest conglomerates, on Thursday refuted concerns of a liquidity crisis, stating its total assets, including deposits, reached 139 trillion won ($99.4 billion) as of last month.

The group's assets include 37.5 trillion won worth of shares, real estate valued at 56 trillion won, and disposable deposits of 15.4 trillion won, according to a statement.

The clarification came in response to rumors suggesting Lotte may face a liquidity crisis due to challenges in its chemical affiliate.

Lotte Chemical Corp. has experienced reduced profitability amid a slump in the petrochemical industry but reportedly has sufficient liquidity to repay the principals of its corporate bonds, the group said.

To improve cash flow, Lotte Chemical is adjusting its investment plans and restructuring non-core businesses. Last month, it decided to liquidate Lotte Ube Synthetic Rubber Sdn. Bhd., its rubber joint venture in Malaysia.

Lotte Group stated it will "maintain stable management in cooperation with its affiliates and secure sufficient liquidity for its financial stability if needed." (Yonhap)