KUALA LUMPUR (July 31): Lotte Chemical Titan Holding Bhd's (LCT) net profit for the second quarter ended June 30, 2018 surged to RM315.03 million from RM113.62 million a year ago due mainly to reversal of foreign exchange losses.

In a filing to Bursa Malaysia today, LCT said revenue for the quarter was RM2.27 billion versus RM1.78 billion a year earlier.

Earnings per share jumped to 13.86 sen from 6.58 sen.

For the six months ended June 30, LCT's net profit rose to RM559.22 million against RM455.77 million a year earlier, on the back of revenue of RM4.49 billion versus RM3.69 billion.

Reviewing its performance, LCT said the increase in revenue was primarily due to higher sales volume.

The company said the average group utilisation rate was at 82% compared to 83% in the preceding quarter.

Its plants were operating at a sufficient level to maintain profit maximisation taking into consideration the need for plant general maintenance and to add on more work on the Indonesia polyethylene plant.

On its prospects, LCT said oil price is expected to be volatile and will have an impact on the price of naphtha, which is its main feedstock.

In addition, there is uncertainty in the petrochemical business dynamics and regional market due to the ongoing trade war between US and China.

Having said that, LCT added it expects its performance for the financial year ending Dec 31, 2018 to remain positive.

At the midday break, LCT rose 0.97% or 5 sen to RM5.21 with 897,100 shares traded.