Chandra Asri and Lotte Chemical Titan reveal Q1 results
by ChemOrbis Editorial Team - content@chemorbis.com
Indonesia’s Chandra Asri Group reported a $1.1 million EBITDA for the first three months of 2024, down by 98% from the same period of last year. After tax, the company swings to a loss of $32 million.
Net revenues from the company’s chemicals segment were down by 9% on year to $447 million in Q1. The revenue from the olefins nosedived by 44% to $42 million while polyolefins were down by almost 7% around $283 million from Q1 2023. However, the styrene business displayed a higher revenue of around 6% at $65 million.
Meanwhile, Malaysia’s Lotte Chemical Titan’s financial results were still at the negative territory with a RM178 million ($37 million) net loss reported for Q1. However, it narrowed from a net loss of RM224.7mil ($47 million) posted in the same quarter last year.
The company blamed lower sales volume and decreased in the share of losses from associate company, Lotte Chemical USA Corp.
Lotte Chemical Titan also informed that the construction of the Lotte Chemical Indonesia new ethylene (LINE) project is underway as planned with an estimated completion in around 2025. This capacity addition will raise the group’s total production capacity by 65%.
Net revenues from the company’s chemicals segment were down by 9% on year to $447 million in Q1. The revenue from the olefins nosedived by 44% to $42 million while polyolefins were down by almost 7% around $283 million from Q1 2023. However, the styrene business displayed a higher revenue of around 6% at $65 million.
Meanwhile, Malaysia’s Lotte Chemical Titan’s financial results were still at the negative territory with a RM178 million ($37 million) net loss reported for Q1. However, it narrowed from a net loss of RM224.7mil ($47 million) posted in the same quarter last year.
The company blamed lower sales volume and decreased in the share of losses from associate company, Lotte Chemical USA Corp.
Lotte Chemical Titan also informed that the construction of the Lotte Chemical Indonesia new ethylene (LINE) project is underway as planned with an estimated completion in around 2025. This capacity addition will raise the group’s total production capacity by 65%.
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