PETALING JAYA: Lotte Chemical Titan Holding Bhd (Lotte) expects the business environment to remain challenging in the near future, amid the current market uncertainties.
In a filing with Bursa Malaysia, the group said the supply of petrochemical products is expected to increase, in view of new capacity coming on stream this year.
The company will monitor closely the global economic conditions and the aggregate supply and consumption patterns that correspond to the prospect of the petrochemical industry.
“Notwithstanding the volatile external circumstances, the company will continue to optimise its production outputs and economic efficiencies and maintain a disciplined approach to managing its costs and financial liquidity.”
For its first quarter ended March 31, 2023, Lotte reported a net loss of RM224.76mil, compared with a net profit of RM104mil in the previous corresponding period, mainly due to a decline in margin spread and share of loss from associated company, Lotte Chemical USA Corp.
Revenue in the first quarter was lower at RM1.97bil, compared with RM2.76bil previously.
Lotte reported a basic loss per share of 9.87 sen for the first quarter, versus earnings per share of 4.57 sen.
