The company's revenue was flat at RM1.95bil against RM1.96bil previously.
PETALING JAYA: Lotte Chemical Titan Holding Bhd
(LCT) expects continued uncertainty in the global business environment, with geopolitical factors like the Russia-Ukraine War and rising Middle East tensions driving fluctuations in crude oil prices.
In its third quarter ended Sept 30, LCT’s net loss widened to RM246.4mil compared with RM55.6mil in the same period last year while revenue was flat at RM1.95bil against RM1.96bil previously.
LCT said the performance was primarily driven by changes in a write down of inventories to net realisable value, lower sales volume, increased foreign-exchange losses as well as higher losses from its associate, Lotte Chemical USA Corp, reflecting challenging market conditions impacting overall profitability.
For the nine months ended Sept 30, LCT saw a slight dip of 3% in revenue, decreasing from RM5.8bil to RM5.6bil.
The decline was primarily due to lower sales volume, which was partially offset by the increase in average product prices and the strengthening of US dollar.
