Friday 29 Mar 2024
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KUALA LUMPUR (Sept 20): A fire broke out at Lotte Chemical Titan Holding Bhd's plant in Pasir Gudang, Johor, earlier today, a company spokesperson said.

The extent of the damage from the fire cannot be confirmed at this juncture. However, Lotte Chemical is slated to issue an announcement on the incident, the spokesperson said.

Lotte Chemical's Pasir Gudang integrated facility houses nine of its 11 Malaysian chemical manufacturing plants.

The integrated facility is connected via dedicated underground pipelines to another integrated site in Tanjung Langsat 12km away, where the two other plants are located.

Earlier in April, the company suffered an extended 11-day water supply disruption which dragged its net profit down 72% to RM113.62 million or 6.58 sen per share in the second quarter ended June 30, 2017 (2QFY17), from RM404.03 million or 23.38 sen per share a year earlier.

Revenue fell 11% to RM1.78 billion from RM1.99 billion, the recently relisted integrated petrochemical producer said in a filing with the stock exchange then.

In an interview later, Lotte Chemical said its earnings before interest, taxes, depreciation and amortisation (ebitda) for the quarter under review shrank 47.2% from 1QFY17, and blamed half of that fall on the water disruption.

At the time, Lotte Chemical said it would review its insurance scheme on utility disruptions, and better contingency plans, among others.

At 5pm, shares of Lotte Chemical closed 3.64% or 20 sen lower at RM5.29, giving it a market capitalisation of RM12.02 billion.

 

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