Malaysia’s Lotte Chemical Titan posts record quarterly loss in Q4

Lotte Chemical Titan Holding Bhd’s net loss widened to RM510.07 million ($114 million) in the fourth quarter of 2024, up from RM186.48 million ($42 million) a year earlier, marking its largest quarterly loss since listing in 2017. The company attributed the decline to RM940.23 million ($210 million) impairment on property, plant, equipment, and right-of-use assets.

Revenue fell by 3.37% to RM1.79 billion ($401 million), while loss before tax widened to RM645.1 million ($144 million) from RM255.2 million ($57 million) in the same quarter last year. The company shut its Pasir Gudang cracker in December to mitigate losses from the petrochemical downturn.

For the full year 2024, the net loss deepened to RM1.18 billion ($264 million) from RM780.29 million ($175 million) in the full year 2023, with revenue down by 2.76% to RM7.44 billion ($1.6 billion). The company expects near-term volatility due to geopolitical tensions, oil price fluctuations, and weak demand amid oversupply in China. CEO Jang Seon Pyo emphasized operational stability and cost efficiency as key priorities for the year ahead.