Lotte Chemical posts 1Q net loss of RM170.06mil

KUALA LUMPUR: Lotte Chemical Titan Holding Bhd recorded a net loss of RM170.06mil for the first quarter of its financial year ended Dec 31, 2020, on the back of a contraction in sales revenue and lower product selling prices.

It said net earnings succumbed to margin compression and higher provision for the write down of inventory to net realisable value, resulting in a negative performance. For comparison, the group recorded a net profit of RM55.83mil in the previous corresponding quarter.