The group’s revenue in 2Q24 also fell by 4.3% year-on-year to RM1.78bil.
PETALING JAYA: Lotte Chemical Titan Holding Bhd
reported losses for the ninth quarter in a row but saw its net loss for the second quarter ended June 30, 2024 (2Q24) narrowing by 21% year-on-year.
The petrochemicals maker attributed the improvement in net loss – down to RM248.9mil – to lower sales volume, a drop in gross negative margin and reduced write down of inventories to its net realisable value.
The reduction in loss was partially offset by the increase of share of losses from its associate company Lotte Chemical USA Corp, it said in a filing with Bursa Malaysia.
It said the group’s revenue in 2Q24 also fell by 4.3% year-on-year to RM1.78bil.
For 2Q24, the loss per share was 10.93 sen. Lotte did not declare a dividend for the quarter.
On a cumulative six-month basis, Lotte recorded a smaller revenue of RM3.7bil and a net loss that narrowed by over 20% to RM426.9mil.
