For the 12 months period, the group posted a net loss of RM714.64m while revenue increased marginally by 2%
LOTTE Chemical Titan Holding Bhd (LCT) posted a net loss of RM317.21 million in the fourth quarter ended Dec 30, 2022 (4Q22), compared to a net profit of RM168.89 in 4Q21.
This is LCT’s third straight quarterly loss.
LCT attributed the quarterly loss to a decline in margin spread, increase in foreign exchange losses, share of loss from Lotte Chemical US Corp and inventory write down to net realisable value.
The group’s revenue slid 23% to RM2.07 billion from RM2.68 billion mainly due to the decrease in average product selling price and sales volume.
For the 12 months period, the group posted a net loss of RM714.64 million while revenue increased marginally by 2% following the increase in average product selling price arising from higher feedstock cost.
In a separate statement, its president and CEO Park Hyun Chul said the company’s outlook is expected to remain challenging in the near term, given the market situation.
“However, the management has implemented the optimisation plan by balancing our production outputs and economic efficiencies.
“We have also conducted rigorous cost management and financial liquidity to ensure the financial positions of the group remained healthy,” he said.
As of Dec 31, 2022, the company has cash and bank balances of RM1.32 billion.
LCT declared a special dividend of 13.98 sen per share, which amounted to a dividend payout of RM318.4 million on Nov 24, 2022. — TMR