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Wednesday, 2 August 2017

Lotte Chemical Titan Holdings Bhd (LCT) net profit dropped!

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Lotte Chemical Titan Holding Bhd's (LCT) net profit for the second financial quarter ended 2017 dropped 72% to RM 113.62 million from RM 404.03 million a year earlier, while revenue fell 11% to RM 1.78 billion from RM 1.99 billion.

LCT attributed the lower revenue to a decrease in sales volume due to the unplanned water interruption by Syarikat Air Johor (SAJ) in April 2017, coupled with lower sales during the festive holiday in June.

Meanwhile, the group's profits were dragged down by higher cost of goods sold and higher unit production cost amid the water interruption.

"Other factors contributing to the decrease in profit before tax includes the fair value losses on derivatives of RM 21.9 million, property, plant and equipment written off of RM 20.1 million and share of loss from associate of RM 16 million," it said.

For the first half of the year, cumulative net profit was down 32% at RM 455.77 million from RM 676.2 million a year earlier, while revenue came in 7% lower at RM 3.69 billion from RM 3.99 billion.

LCT also ended the day 23.3% lower at RM 4.70 after some 32.38 million shares were traded. Its market capitalization stood at RM 10.68 billion.

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