KUALA LUMPUR: Lotte Chemical Titan Holding Bhd
narrowed its net loss in the second quarter ended June 30, 2024, to RM248.89mil from a net loss of RM313.47mil in the same year-ago quarter.
The petrochemicals manufacturer reported a revenue of RM1.78bil, down from RM1.86bil in the comparative quarter. Its loss per share was lower at 10.93 sen compared to 13.76 sen.
Over the first six months of the year, Lotte Chemical Titan recorded a net loss of RM426.91mil compared to RM538.23mil, while revenue dipped to RM3.7bil from RM3.83bil in 1HFY23.
President and CEO Park Hyun Chul said the group implemented a comprehensive safety plan in 2QFY24 for the plant statutory turnaround to enhance plant performance and maintain operational efficiency in its Pasir Gudang and Tanjung Langsat plants.
He said the plant shutdown resulted in the sales volume dropping with a lower utilisation rate of 47%.
Moving forward, the group has completed its statutory turnaround and is expected to optimise its utilisation rate in the coming period.
"LCT will remain focused on continued efforts to optimise production output and effective cash flow management to align with our business strategy in sustaining its market position," said Park in a statement.
Additionally, he reported that the construction of the LOTTE Chemical Indonesia New Ethylene (LINE) Project located in Merak, Indonesia, is progressing on schedule and the expansion project is expected to be completed by 2025.
Upon completion, the LINE Project will expand the group’s total production capacity by 65%.
