Lotte Chemical Titan Holding Bhd (LCT) aims at being one of Southeast Asia's ton-tier petrochemical companies by 2024. The vision remains intact despite the current harsh market environment caused by the coronavirus pandemic, according to the company's statement. It said that it would achieve the objective through continuous business enhancement, opportunity expansion, and constant development on value-accretive business.
During this critical period, maintaining strong financial resilience is a crucial factor to sustain its businesses, it added. It is currently performing a strategic review on the LINE project in Indonesia aimed to support continuous growth in the region. This vision is also supported by its parent company LOTTE Chemical Corporation.
Last year, LCT posted sales revenue of MYR8.44 billion and generated profit after tax of MYR442.6 million. The company said that demand and sales were sluggish in the first half of 2020 due to the coronavirus pandemic. However, it expects business activity to recover in the remaining half of the year as more markets are expected to exit from lockdown measures.
