KUALA LUMPUR (Oct 28): Lotte Chemical Titan Holding Bhd's (LCTH) share price lost ground in the afternoon session after the group announced a 13.7% drop in its quarterly earnings.
LCTH's share price slumped as much as 39 sen or 16.25% to RM2.01 shortly after the start of the afternoon trading session.
At 3.30pm, the counter fell 28 sen or 11.7% to RM2.12. Trading volume swelled to 72.46 million shares — the highest level since it was listed in July 2017. The stock is the fourth most traded counter on Bursa Malaysia.
During the lunch break, LCTH announced that its net profit for the third quarter ended Sept 30, 2020 fell 13.73% to RM78.77 million, from RM91.3 million a year ago, due to lower revenue, higher share of associate losses and higher operating cost resulting from Hurricane Laura.
Quarterly revenue declined 10.45% year-on-year to RM1.94 billion, from RM2.17 billion.
The group said its profit before tax was lower as a result of higher share of associate losses due to lower product margin, higher operating cost and direct cost resulting from Hurricane Laura of RM15.9 million.
For the cumulative nine months ended Sept 30, 2020, the group slipped into a net loss of RM2.57 million, compared with a net profit of RM251.98 million in the year-ago period. Its revenue for the period also declined by 22.98% to RM4.98 billion, from RM6.46 billion a year ago.
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