Lotte Chemical Titan 2Q Net Loss Narrows To RM248.88 Mln

KUALA LUMPUR, July 31 (Bernama) -- Lotte Chemical Titan Holding Bhd's (LCT) net loss of RM248.88 million narrowed in the second quarter ended June 30, 2024 (2Q FY2024) against a net loss of RM313.47 million in the same quarter last year.

In a filing with Bursa Malaysia, it attributed the narrowing of its net loss to lower sales volume, lower gross negative margin, and a lower write-down of inventories to its net realisable value.

Revenue for the 2Q FY2024 declined to RM1.78 billion compared with RM1.86 billion a year ago. 

bootstrap slideshow

On a cumulative six-month basis, the group's net loss fell 19 per cent to RM426.91 million from RM538.23 million for the same period a year ago.

Revenue dropped to RM3.70 billion against RM3.83 billion previously. 

"In 2Q FY2024, the group implemented a plan to enhance plant performance and maintain sound operational efficiency in both Pasir Gudang and Tanjung Langsat plants,” said LCT president and chief executive officer Park Hyun Chul.

bootstrap slideshow

Sales volume dropped due to the plant shutdown, he said, adding that the group will remain focused on efforts to optimise production and cash flow management to align with its business strategy to sustain its market position.

"Additionally, the construction of the Lotte Chemical Indonesia New Ethylene (LINE) project located in Merak, Indonesia is progressing on schedule and is expected to be completed by 2025. 

"On completion, the LINE Project will expand the group’s total production capacity by 65 per cent," he said. 

-- BERNAMA