Company News

Titan's profit is halved
Malaysian chemicals firm Titan Chemicals posted a lower nine month profit due to lower polymer naphtha margins as a result of higher costs and lower polymer prices.

It's after tax profit of RM224.8 million was around half compared to RM459.3 in the same period last year. Meanwhile, its sales for the third quarter decreased by 8% to RM1.4 billion due to the 12% decline in the average selling price, which was partially mitigated by the 4% increase in sales volume.

The company expects polymer demand to remain sustained during the rest of the year. It also said that polyolefin margins may be impacted by the additional supply from new set-ups in the Middle East and China.