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.
KUALA LUMPUR (April 28): Lotte Chemical Titan Holding Bhd reported today its highest-ever quarterly profit after tax at RM441.28 million in the first quarter ended March 31, 2021 (1QFY21) versus a loss after tax of RM169.5 million a year earlier as the petrochemical products manufacturer’s revenue rose due to the increase in average product selling price and sales volume in tandem with the Covid-19 vaccine-driven global economic recovery.
In filings with Bursa Malaysia today, Lotte Chemical Titan said 1QFY21 profit rose on higher average product selling price and lower feedstock costs and as plant utilisation rate increased.
Lotte Chemical Titan said 1QFY21 net profit rose to RM440 million from a net loss of RM170.06 million a year ago as revenue climbed to RM2.37 billion from RM1.46 billion.
Lotte Chemical Titan returns to black in Q1 2021 with RM440 mln net profit 28 Apr 2021 / 15:03 H.
KUALA LUMPUR: Lotte Chemical Titan Holding Bhd (LCTH) has posted a net profit of RM440 million for the first quarter ended March 31, 2021 (Q1 2021) from a net loss of RM170.06 million in Q1 2020.
Its revenue increased by 62 per cent year-on-year to RM2.37 billion versus RM1.46 billion previously due to the increase in average product selling price and sales volume in tandem with the global economic recovery following the commencement of global COVID-19 vaccinations.
“Plant outages in the United States and Southeast Asia (SEA), coupled with the turnaround activities in the Middle East have affected the global supply chain.