Lotte Chemical Titan shares continue downward trend

01 Aug 2017 / 10:57 H.

    PETALING JAYA: Lotte Chemical Titan Holding Bhd’s share price continued to fall this morning by 8.30% after the petrochemical giant reported a 71.9% fall in net profit for the second quarter ended June 30, 2017 against RM404.03 million in the previous corresponding period.
    As at 10.44am, Lotte Chemical Titan is the second top loser on Bursa Securities. Its share price stood at RM4.31 with 29.15 million shares changing hands. It has a market capitalisation of RM10.68 billion.
    Yesterday's closing price of RM4.70 represents a steep discount of 27.7% to its reduced initial public offering price of RM6.50. The offer price was initially set at RM8 prior to its listing last month.
    The group explained that the drop in earnings was dragged down by the increase in cost of goods sold by 8.5%, arising from high inventory cost carried forward from turnaround activities in the first quarter as well as higher unit production cost due to water interruption last April.

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