Home / Knowledge / News / Textiles / Titan Chemicals sales revenue fall in Q4 08
Titan Chemicals sales revenue fall in Q4 08
28
Feb '09
Titan Chemicals reported RM7.0 billion in revenue for the financial year ended December 2008, a 16% year-on-year growth on the back of higher average selling process. Loss Before Tax was RM426.6 million and Loss After Tax before Minority Interest was RM270.3 million. Loss per share for the period amounted to 14.9 sen. For the financial year ended December, the write-down of inventories amounted to RM107.4 million due to the decrease in net realizable values of our feedstocks and end product olefins and polymers.

For the fourth quarter, revenue was RM1.3 billion and Loss After Tax before Minority Interest was RM486.8 million. Compared to the preceding quarter, group sales revenue fell from RM2.0 billion to RM1.3 billion. During the quarter, Titan Chemicals achieved a 17% increase in sales volume although average selling prices for products fell 48%.

In the last quarter, demand for derivatives was hit by the global economic downturn. The average industry weekly prices showed steep downward movement before regaining some ground in December. Average weekly naphtha (MOPJ) prices which were quoted at US$775/tonne in early October slumped to US$269/tonne in mid November before edging up to US$300/tonne in mid December.

For polymer prices, market database from energy information providers showed average weekly polymer prices fell from US$1,390/tonne in early October to US$685/tonne in November. It rose to a weekly average of US$832/tonne in December.

"The global business environment continues to be very challenging. The unprecedented falling prices in feedstocks and end products negatively impacted the financial performance during quarter.

"In these times, the close relationship with our customers and the flexibility to plan our production schedule to support their business are vital. Titan chemicals is committed to withering the current economic environment with our customers.

"During the last quarter, our plants operated albeit at lower rates, Due to the integrated design configuration, Titan Chemicals Can very its output in line with demand. Although October was a relatively quiet month, we stepped up production in the last two months to meet year-end orders from our customers. We recorded strong sales in November and December," said Warren Wilder, Managing Director of Titan Chemicals Corp. Bhd.

Titan Chemicals Corp. Bhd.

Must ReadView All

Textiles | On 28th Mar 2017

India may impose duty on elastomeric filament yarn

The Government of India is likely to impose anti-dumping duty on...

Courtesy: Lee Cooper

Apparel/Garments | On 28th Mar 2017

CCI clears FLFL proposal to divest Lee Cooper

The Competition Commission (CCI) of India has approved the proposal...

Textiles | On 28th Mar 2017

Bardoli CEFC to benefit south Gujarat MSMEs

India’s first common engineering facility centre (CEFC) at Bardoli,...

Interviews View All

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search