Malaysia's Lotte Chemical Titan's net profit drops in Q3

According to media reports, Malaysia’s Lotte Chemical Titan’s net profit fell by 33.9% to RM230.31 million ($54.3 million) in the third quarter of the year from RM348.32 million ($82.16 million) in the same period of 2016.

The company reportedly cited lower sales volume and higher production costs among main reasons behind its weaker financial results for the third quarter of this year.

The company’s revenue during this quarter also declined by 4.7% from RM5.99 billion to RM5.71 billion.

Lotte Chemical expects to improve its production in the remainder of the year as the company has no major plant shutdown in the near-term. The commissioning of the new TE3 plant in Q4 is also expected to increase the company’s output.