Friday 29 Mar 2024
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KUALA LUMPUR (April 30): Lotte Chemical Titan Holding Bhd net profit for the first quarter ended March 31, 2018 (1QFY18) fell 28.6% year-on-year to RM244.19 million, from RM342.15 million, due to margin squeeze and foreign exchange loss.

In a filing with the stock exchange, the company said revenue for the quarter rose 15.7% to RM2.21 billion, from RM1.91 billion a year earlier, on higher sales volume.

Earnings per share dipped to 10.74 sen, from 19.80 sen.

On its prospects, Lotte Chemical said it anticipates the petrochemicals market will continue to be resilient in the near term, with demand growth for petrochemicals to outpace the rate of new supply additions in the region.

“Supply expects to be tighter, in view of a turnaround season in the Asia region and demand is expected to pick up in preparation for Ramadan and Hari Raya, especially in the domestic market, as well as Indonesia and other Muslim countries, e.g. Pakistan, Bangladesh,” the filing added.

Lotte Chemical Titan said it expects performance to remain positive for its financial year ending Dec 31, 2018 (FY18).

At midday break, Lotte Chemical gained 0.96% or 6 sen to RM6.29, with 443,100 shares done.

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