Luxchem more than doubles earnings in Q2 on robust sales

KUALA LUMPUR: Chemical supplier Luxchem Corp Bhd more than doubled its earnings in the second quarter on strong domestic demand for its products.

Net profit soared 118% to RM16.6mil from RM7.6mil made a year ago. Revenue increased 54% to RM215.6mil.

"The higher revenue was attributable to trading segment," Luxchem said in a filing with Bursa Malaysia today.

On its outlook for the year, Luxchem said its performance can be affected by fluctuations in USD/RM exchange rates, raw material price fluctuations, raw material demand and supply situations, competition, as well as the current Covid-19 pandemic situation.

Quarter-on-quarter, the group reported a drop in sales, while profit was dragged lower by its manufacturing business.

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