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Titan Chemicals first half profit up by 51%

28
Jul '09
Titan Chemicals Corp. Bhd announced group profit after tax (PAT) of RM312.8 million for the first half of 2009, up 51% when compared to the corresponding period in 2008.

For Q2 of 2009, Titan delivered a revenue of RM 1.4 billion which was 34% lower compared to corresponding quarter in 2008 due to a 33% drop in average selling price. However, its profit after tax has increased to RM 180 million on the ground of improved polymer-naphtha margin driven by tight polymer supply.

When compared to the first quarter of 2009, Titan's group profit before tax rose 17% to TM 183.5 million. Sales revenue for the second quarter was TM 1.4 billion representing a 22% increase over the preceding quarter of RM1.1 billion. This is attributed by a 27% increase in average selling price despite marginal drop in sales volume.

Titan's total debt to total assets ratio improved from 31% as at 31 March 2009 to 27% as at 30 June 2009. Titan's net debt to equity ratio was a healthy 26% as at 30 June 2009.

Demand for polymer products appears to have stabilized although global economic outlook remain uncertain for the remaining quarters of the year, Additional polymer supply is expected from new manufacturing plants in the Middle East and Chine. Barring unforeseen circumstances, positive contribution from our integrated business is expected for the reminder of 2009.

Titan Chemicals Corp. Bhd


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