Malaysia’s Lotte Chemical Titan recorded net loss of MYR780.28 million in FY2023
The company also added that the operating rate guidance for 2024 is between 65 – 70% unless there are unforeseen circumstances, which is lower than the average plant utilisation rate in 2023.
In a filing with Bursa Malaysia, Lotte Chemical Titan Holding Bhd reported a net loss of RM 780.28 million ($164.8 million) in the financial year-end 2023 mainly due to lower tax credit recorded and poor market condition.
In the olefins and derivative sector, the company saw a 30.6% decrease in revenue compared to the previous year, to RM 1.44 billion.
Meanwhile, the polyolefin products revenue fell 21.9% year-on-year to RM 6.21 billion as a result of lower average product selling prices and sales volume.
The company also added that the operating rate guidance for 2024 is between 65 – 70% unless there are unforeseen circumstances, which is lower than the average plant utilisation rate in 2023.
Lotte Chemical Titan is currently constructing a new petrochemical plant in Indonesia, named Lotte Chemical Indonesia New Ethylene (LINE) project, which is scheduled to come online in 2025.
President and Chief Executive Officer Park Hyun Chul said, “The LINE project will enable us to capitalise on the anticipated demand for our products in Indonesia given that the country is a net importer of petrochemical products.”