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Titan Chemical plans to raise PE production
27
Aug '08
Titan Chemicals Corp. Bhd. posted RM 3.7 billion in revenue and RM 206.7 million in profit after tax (PAT) for the second quarter of this year as a result of the contribution of Butadiene, a new product, and increase in selling prices and sales volume of existing products, Managing Director Warren Wilder said.

He said Titan Chemicals' revenue increased by 25% and Profit Before Tax rose 65%, as compared to the first three months of this year.

Based on the compilation of database from Platts and ICIS database, the quarterly average polymer price rose from US$1,550 per tonne in the first quarter to US$1,709 per tonne in the second quarter of this year. Average quarterly naphtha prices also climbed from US$873 per tonne in the first quarter to US$1,033 per tonne in the last quarter.

Wilder also said Titan Chemical increased Liquefied Petroleum Gas (LPG) utilization rate to 25 per cent by the end of the quarter, as a strategic move of substituting naphtha with LPG, a cheaper feedstock alternative.

"With Berge Frost, one of the world's largest VLGCs (Very Large Gas Carriers) berthed at Pasir Gudang in June, we have a cost-effective and immediate storage facility in place. Titan Chemicals has an advantage in switching to the most economical feedstock blends as our crackers are designer to process both naphtha and LPG," he said.

On its Indonesian operations, Wilder said PT Titan Kimia Nusantara Tbk (PT. Titan) has achieved a second consecutive quarter of record production for its polyethylene (PE) production volume.

"We are also pleased to announce that PT. Titan's largest PE line has commenced operations during the quarter. Barring unforeseen circumstance, Titan Chemical plans to raise PE production in our second domestic market to a new level in 2008," he said.

Looking ahead, Wilder said the growth of Indonesian as its second domestic market will support Titan Chemicals' business expansion going forward.

"With the expansion of the group's portfolio of products into Biaxially-Oriented Polypropylene (BOPP) products in Indonesian, team members from Malaysia and Indonesia have been working closely to bring the new business into the group," he added.

In another development, Wilder also announced that as of June 2008, Titan Chemicals has complete a new tern loan of US$332.5 million to refinance an existing team loan.

"The terms and conditions of this new term loan is a better fir to the business environment of the company and the industry cycle. Titan Chemicals will continue with its strategy of growing the business while maintaining cost-efficiencies in all its operations," he added.

Titan Chemicals Corp. Bhd.

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