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February 2010
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Company News

Asians post stronger results
While chemical companies from the US and Europe are still grappling with the economic situation, Asian companies like Titan Chemicals and Songwon are reporting stronger results.

Malaysian olefins/polyolefins supplier Titan Chemicals reported an almost 300% increase in its group profit to RM537.8 million, compared to the previous year. The group profit after tax for the fourth quarter was RM78.5 million, compared to the loss of RM486 million in 2008. For the whole year, the sales volume increased by 2% and the company says 2010 will be a challenging year, but with positive contributions.

As the first and largest integrated operator of petrochemicals/polymers in Malaysia, it runs ten world-class plants in the country. In Indonesia, Titan has the largest capacity for PE and the second largest capacity for BOPP in the country.

South Korean additives supplier Songwon’s third quarter 2009 results continued on a positive trend and it achieved a net profit of 8.9 billion won for third quarter 2009 and 22.4 billion won for the first 9 months of 2009.

Songwon believes it is going to come out of the global economic crisis much stronger but says it will remain vigilant in the light of the trends, such as increasing raw material prices and a weakening US dollar. It will also keep to its agenda of reducing production costs through process improvements, economies of scale and backward integration. The latter has been the successful start up of the isobutylene production at its Maeam plant, which is the first commercial application of Songwon’s new and patented technology.

 

 
 
 
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