By Kuala Lumpur Newsroom
KUALA LUMPUR (Jan 30) -- Lotte Chemical Titan Holding, the Malaysian unit of South Korea's petrochemical giant Lotte Chemical Corp, said Tuesday its fourth quarter net profit gained 30.01% on year, due to lower effective tax rate in 2017 attributed to the utilisation of current year tax incentives.
Net profit for the period ended Dec. 31 stood at 378.15 million ringgit ($97.07 million) versus 290.86 million ringgit a year earlier, the company said in an exchange filing. Quarterly revenue, however, dropped 1.36% on year at 2.12 billion ringgit due to the reduced plant load at the Indonesia polyethylene plant and decrease in sales volume of by-product.
"We anticipate that the petrochemicals market will continue to be resilient in the near term with demand growth for petrochemicals to outpace the rate of new supply additions in the region," Lotte said. "We expect our production output in 2018 to be normalised in view of no major planned plant shut down," it added.
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