16 July 2010 07:06 [Source: ICIS news]
SINGAPORE (ICIS news)--Titan Chemicals has posted a 62% year-on-year decline in its net profit for the second quarter of 2010 to ?xml:namespace>
Sales in the April-June period increased 23% year on year to M$1.691bn, Titan said in a filing to the stock exchange,
For the first six months of the year, net profit was also down 45% at M$172.6m, although revenue jumped 34% to M$3.36bn, it said.
“The performance as noted above was due to lower polymer-naphtha margins resulting from higher naphtha prices,” it added.
Looking ahead, the company said that demand for its polymer products for the rest of 2010 was expected to be “sustained”.
However, the firm’s margins could be affected by additional polyolefins supply from new manufacturing plants in the Middle East and
“We expect positive contribution from our integrated business for the remainder of 2010,” it added.
Titan announced its financial results on the same day its major shareholders, including the Chao Group of Taiwan, signed a deal with South Korean producer Honam Petrochemicals on a share sale.
Honam plans to acquire 100% of Titan and delist it from Bursa Malaysia.
With additional reporting by Pearl Bantillo
($1 = M$3.21)
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