Lotte Chemical Titan Posts Higher Net Loss Of RM246.42 Mln In 3Q

KUALA LUMPUR, Nov 6 (Bernama) -- Lotte Chemical Titan Holding Bhd (LCT) posted a wider net loss of RM246.42 million during the third quarter ended Sept 30, 2024 (3Q 2024), as compared to a net loss of RM55.58 million in the same quarter last year.

Revenue also fell to RM1.94 billion in 3Q from RM1.96 billion last year due to lower sales volume, increased losses from foreign exchange and higher losses from its associate, Lotte Chemical USA Corp (LCUSA), it said in a statement to Bursa Malaysia today.

For the cumulative nine months of 2024, the group posted a higher net loss of RM673.33 million against a loss of RM593.81 million a year ago, while revenue also eased to RM5.64 billion from RM5.79 billion previously.

LCT president and chief executive officer Park Hyun Chul said the group is making determined efforts to navigate the headwinds in this challenging market environment.

“While average selling prices have shown slight improvement compared to last year, the industry has been weighed down by volatile market conditions and an oversupply of petrochemical products from China, which have disrupted supply and demand dynamics,” he said.

Park noted that the Lotte Chemical Indonesia New Ethylene (LINE) Project in Merak, Indonesia, is nearing completion and is expected to be fully completed by 2025.

“Upon completion, the LINE Project will expand the group’s total production capacity by 65 per cent,” he added.

-- BERNAMA