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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.

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