Southeast Asia's second largest polyolefins producer Titan Chemicals reported continued strong results for the first half of 2005 comprising:
- Revenue of RM 2.15 billion against last year's RM 1.6 billion, a 35% improvement
- Earnings after tax of RM 271 million, which is 215% higher than 2004's RM 86 million
- Profit before tax of RM 379 million, an improvement of 112% over the same period 2004
- EBITDA is RM 548 million, a 62% improvement over 2004's first half
- EPS of 17.4 sen
Based on strong half year performance, the company also announced a tax exempt interim dividend of 3 sen per ordinary share payable to shareholders whose names appear in the Register of Members and Record of Depositors as at 15 September 2005.
Executive Chairman James Chao said, “Our earnings for the first half of this year exceeded what we earned the whole of last year. It has been an exciting 6 months despite challenges posed to our industry. First half improvements are gratifying, and demonstrate the strength of our business plans. They are building up momentum with solid financial performance comprising:
Net debt down 37% to RM 2.0 billion from RM 3.2 billion
Shareholders' fund increased by 90% to RM2.4 billion from RM 1.3 billion
The operating cashflow has almost doubled from RM 248 million to RM 479 million
Mr Don M Condon, Jr, managing director, Titan Chemicals added, “The second quarter was highlighted by continued,rapid deleveraging. June 2005 ratio of debt to total assets was 42.6% down from 65.7% at year-end of 2004. We are thus well on our way to achieving our goal of having debt to total assets ratio of 40% by 2006.”
20240830145952.gif)
20240925092649.png)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
