Lotte Q3 earnings down on higher tax expenses

Earnings before interest, tax, depreciation and amortisation for 3Q19 was RM244.40mil. Earnings per share came in at 4.02 sen from 9.54 sen.

PETALING JAYA: Lotte Chemical Titan Holding Bhd’s net profit for the third quarter ended Sept 30,2019 (3Q19) fell 57.9% to RM91.30mil from RM216.88mil a year ago due to higher tax expenses, following underprovision in the prior year and no further reinvestment allowance.

The company said in a statement that its income tax payment surged to RM42.30mil in 3Q19 from just RM110,000 a year ago. Its pre-tax profit came in at RM133.65mil from RM217.20mil in the previous corresponding quarter.