Lotte Chemical Titan posts smaller 1Q loss
KUALA LUMPUR: Lotte Chemical Titan Holding Bhd (LCT) foresees continued volatility in the global business environment in the near term, according to president and CEO Jang Seon Pyo.
'Geopolitical factors, including the Russia-Ukraine War, tension in the Middle East, and the impact of President Trump's policies are expected to influence global trade dynamics and crude oil prices.
'Meanwhile, the sluggish economic performance and oversupply of petrochemical products in China continue to disrupt the supply-demand balances,' Jang said in a statement.
Meanwhile, LCT's Lotte Chemical Indonesia New Ethylene (LINE) project in Merak, Indonesia is on track for completion this year.
'The management will continue to closely monitor market dynamics and provide updates on the project's progress accordingly.'
In the first quarter ended March 31, LCT posted a smaller net loss of RM125.7mil, or loss per share of 5.52 sen, compared with RM178mil, or 7.82 sen in the year-ago quarter due to the slight improvement of margins, lower depreciation charges, and profit contribution from associate company, Lotte Chemical USA Corp.
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