“Year-to-date, our business is now back in the black and we have since observed operational performance turnaround with continuously improving gross profit margin trends. The achievements are testament to our strong business and operational fundamentals, ” said president and CEO Lee Dong Woo (pic).
KUALA LUMPUR: Lotte Chemical Titan Holding Bhd
’s operating profit jumped 60% year-on-year (y-o-y) to RM138.2mil in the third quarter ended Sept 30, due to a better polymer products spread on improved demand.
In a statement, the company said the improved product spread offset the lower sales revenue of RM1.94bil, which was 11.82% lower from the comparative quarter last year. Earnings before interest, tax, depreciation and amortisation increased to RM279mil from RM244mil a year ago.The earnings improvement during the quarter was primarily due to the improvement in average polymers product margin spread amid lower naphtha feedstock costs after the fall in Brent crude oil price in Apri.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
