MEDIA: Malaysia’s LC Titan reports eighth consecutive quarterly loss

Lotte Chemical Titan Holdings Berhad (LC Titan) posted a net loss of RM178.03 million in Q1 of fiscal year 2024, marking its eighth consecutive quarter in the red. This loss, down from RM224.76 million in 2023, was primarily driven by ongoing market challenges with product costs surpassing revenue. Notably, decreased losses from its associate company, Lotte Chemical USA Corp, partially offset lower sales volumes.

Despite these setbacks, LC Titan is poised for strategic turnaround initiatives. The company aims to enhance efficiency, improve plant performance, and bolster safety measures in the upcoming period. President and CEO Park Hyun Chul emphasized a cautious approach amid volatile oil prices, petrochemical oversupply, and economic uncertainties fueled by inflationary pressures and geopolitical tensions.

Additionally, LC Titan is progressing with constructing the Lotte Chemical Indonesia New Ethylene (LINE) project, slated for completion by 2025. This endeavour will significantly augment the group's production capacity by 65%, featuring a cracker plant set to produce 1,000 KTA of ethylene and 520 KTA of propylene annually, using naphtha and liquefied petroleum gas as feedstock.