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Titan Chemicals sales volume & product prices drop
19
Oct '10
Titan Chemicals Corp. Bhd announced group revenue of RM 4,763 million for the first nine months of 2010, up 18% when compared to the corresponding period of 2009. Earnings per share (EPS) for the period stood at 13.33 sen.

Group sales revenue for the third quarter of 2010 decreased by 8% over the corresponding quarter of 2009 to RM1{403 million. This is mainly due to a 12% decrease in group's average selling price and partially mitigated by 4% increase in sales volume.

The Group profit after tax for the first nine months of 2010 stood at RM224.8 million as compared to RM459.3 million and this mainly due to lower polymer-naphtha margins resulting from higher naphtha costs and lower average polymer prices.

The Group's borrowing was reduced from RM948.4 million as at 31 December 2009 to RM519.4 million as at 30 September 2010.

Profit before tax for the third quarter of 2010 stood at RM7.8 million which was lower by 91 % as compared to RM86.3 million registered in the preceding quarter of 2010. The reduction in' profit was mainly due to lower product price.

Group sales revenue for the third quarter was lower as compared to preceding quarter by 17%.

Group sales volume and product prices dropped by 7% and 1Q% respectively.

The Group borrowing was reduced further from RM703.7million as at 3D June 2010 to RM519.4 'million.

Demand for polymer products for remainder of the year is expected to be sustained. Polyolefins' margin however may be affected by the additional polyolefins supply from new manufacturing plants in the Middle East and China.

The Company has suspended operation on one of its cracker plants for 3D-days scheduled maintenance turnaround in October 2010.

We expect positive contribution from our integrated business for the remainder of 2010.

In 2005, Titan Chemicals was listed on the main board of Bursa Malaysia. It is the first arid largest integrated producer of petrochemicals and polymers in Malaysia. The main products are olefins (ethylene and propylene) and polyolefins (polyethylene and polypropylene). It has ten world-class manufacturing plants located on two integrated industrial sites in Pasir Gudang and Tanjung langsat, Johor. In Indonesia, Titan Chemicals has the largest manufacturing capacity for polyethylene and the second largest manufacturing capacity for Biaxially Oriented Polypropylene (BOPP).

Titan Chemicals Corp. Bhd

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