Malaysia Lotte Titan’s Q4 net profit down 21%

Lotte Chemical Titan reported a 21% on-year fall in fourth quarter net profit to MYR150 million ($37 million) as costs increased.

In an exchange filing, the Malaysian producer said the earnings were posted on the back of a 3% decline in revenue to MYR1.9 billion ($474 million). Distribution and administrative expenses, meanwhile, increased 52% and 26%.

Commenting on the results, president and chief executive Park Hyun Chui said the company has maintained strong business fundamentals and financial resilience despite a highly challenging external business environment due to the COVID-19 pandemic and economic slowdown.

For the year, Lotte Titan generated a strong positive cash flow of close to MYR1.1 billion ($271 million), Mr Park added.

Looking ahead, he cautioned that the near-term outlook remains highly uncertain with the post-pandemic recovery dependent on proper management and effective rolling out of vaccinations in several countries.