欧博管理平台登录:Lotte Chemical Titan sees subdued demand for petrochemicals
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PETALING JAYA: Lotte Chemical Titan Holding Bhd (Lotte) expects the demand for petrochemicals to remain subdued, leading to softening average selling prices for its products.
In a filing with Bursa Malaysia yesterday, the global chemical company said it will monitor global economic conditions vigilantly.
Lotte reported a net loss of RM355.50mil for its third quarter ended Sept 30, 2022, compared with a net profit of RM48.84mil in the previous corresponding period, mainly due to decline in margin spread, write down of inventories decline in share of results from an associated company.
Revenue rose to RM2.37bil versus RM2.24bil previously, mainly due to the increase of average product selling price.,
The group reported a basic loss per share of 15.61 sen in the third quarter, compared with earnings per share of 2.14 sen previously.
For the nine-months period ended Sept 30, 2022, the group posted a net loss of RM397.43mil compared with a net profit of RM871.14mil in the previous corresponding period, while revenue rose to RM7.95bil versus RM7.15bil previously.
Lotte said the outlook of the petrochemical industry is expected to remain volatile.
“In view of the challenging operating environment and our continuous effort to optimise our production outputs and economic efficiencies, we have revised downward our operating rate guidance for financial year 2022 from 80% to 85% to 75% to 80%.
“This guidance may change from time to time to reflect the operating environment. Notwithstanding the external circumstances, the company will continue to foster its strong financial resilience and maintain the disciplined management of its costs and financial liquidity.”