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KUALA LUMPUR: Lotte Chemical Titan Holding Bhd (LCT) has posted a net loss of RM145.92 million for the second quarter ended June 30, 2022, as compared to a net profit of RM382.29 million recorded in the same period last year.
Revenue, however, rose to RM2.82 billion from RM2.54 billion previously, the group said in a filing with Bursa Malaysia today.
It said the net loss recorded was mainly due to margin squeeze resulting from a 64 per cent increase in feedstock cost, write down of inventories to a net realisable value of RM96.5 million and decline in results of its associated company, Lotte Chemical USA Corp.
Its president and chief executive officer Park Hyun Chul said the challenging business landscape and pandemic-triggered uncertainties have impacted LCT’s financial performance.
"With this, LCT rigorously executes the operational and business optimisation aligned to customers’ demands, resulting in a lower overall plant utilisation rate of 81 per cent.,
"Our operations are swiftly adaptable to the market movements to ensure the group stays on course to become the top-tier petrochemical company in Southeast Asia,” he said.
In view of the International Monetary Fund’s forecast of 5.1 per cent economic growth for Southeast Asian countries in 2022 and the international borders reopening, he said the demand for petrochemical products is expected to remain resilient.
"LCT has established a robust business framework with a healthy balance sheet and cash position. As at June 30, 2022, LCT has zero borrowings and cash and bank balances and other investments of RM3.2 billion.
"After deducting the fund to be earmarked for LOTTE Chemical Indonesia New Ethylene Project, LCT’s cash balances stand at around RM900 million,” he said.
Despite the market volatility, Park said LCT’s business fundamentals remain strong and the group will continue to exercise effective financial and operational management to ride through the challenging economic situation.
LCT is a major manufacturer of polyolefins, namely polyethylene and polypropylene. These are the raw materials for its customers in plastic fabrication businesses to further produce a wide variety of applications from household goods to automotive parts, commercial packaging, bottles and food containers. - Bernama