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Malaysia's Lotte Chemical Titan's net profit plunges in Q2

by ChemOrbis Editorial Team -
  • 01/08/2017 (14:39)
According to media reports, Malaysia’s Lotte Chemical Titan’s net profit plunged by around 72% to RM113.61 million ($26.5 million) in the April-June period from RM404.03 million ($94.3 million) in the same period of 2016.

The company reportedly cited maintenance shutdowns in the first quarter and a water supply cut as the main reason behind its weaker financial results for the second quarter of this year since these factors hindered activities at its plants.

Lotte Chemical’s revenues for the quarter also fell %11.2 to RM1.78 billion ($415.3 million) from RM2 billion ($466.7 million) in the second quarter of last year.

The company expects to show a better performance in the remainder of the year in line with the end of turnarounds at its production units as well as the start up of its new mLLDPE plant.
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