Lotte Chemical Titan Holding Bhd saw its net profit plunge 87.22% quarter-on-quarter to RM48.84 million in the third quarter ended Sept 30, 2021 from RM382.29 million on lower gross profit margin arising from higher feedstock costs.
Short-lived interest in Malaysian equities, why? theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.
KUALA LUMPUR: Lotte Chemical Titan Holding Bhd extended its share price rally on Friday following the recent release of its first-quarter earnings, which saw the group return to the black.
At 9.25am, Lotte Chemical Titan s share price was up 12 sen or 4.07% to RM3.07 on the back of 9.15 million units traded.
The stock had surged to as high as RM3.29 in Wednesday trade following the release of its earnings performance before paring gains to close at RM2.99.
The group announced on Wednesday its highest quarterly net profit of RM440mil for the first quarter ended March 31,2021, supported by substantially stronger product margin spreads seen from a year ago.
KUALA LUMPUR: Lotte Chemical Titan Holding Bhd posted its highest-ever quarterly net profit of RM440mil for the first quarter ended March 31, 2021.
The performance was significantly improved from a net loss of RM170.1mil in 1Q2020, owing to substantially stronger product margin spreads seen from a year ago, it said in a statement.
Ebitda jumped twelve-fold to RM647mil from an Ebitda loss of RM56mil in the previous comparative quarter.
For the quarter under review, revenue was RM2.37bil, a 62% jump over the same quarter last year, underpinned by higher production and sales performance.
According to the group, the record profitability was mainly owing to much higher product average selling prices (ASP) with lower naphtha feedstock costs in line with global Brent crude oil prices.