Lotte Chemical net profit down 34% in third quarter

Lower usage: Lotte Chemical’s plant in Pasir Gudang, Johor. The group says plant utilisation in the third quarter was lower at an average of 77 compared to 92 a year ago.

PETALING JAYA: A lower sales volume, higher unit production cost and overall reduced profit margin spread led to a 33.9% fall in Lotte Chemical Titan Holding Bhd’s net profit to RM230.3mil for the third quarter ended Sept 30.

The group said plant utilisation during the period was lower at an average of 77% compared to 92% a year ago due to a statutory routine turnaround, conducted every five to six years, for its Cracker 1 plant in Malaysia.