Malaysia's Titan Chemicals post RM474 mln net loss

Titan Chemicals, Malaysia's largest integrated producer of olefins and polyolefins, posted RM1.3 bln sales revenues for Q4 - 2008, from RM2.0 bln in the previous quarter of the year. The company reported a net loss of RM474 mln the quarter reflecting dismal quarter for manufacturers of polymers and closely related products in the chain. However, the company witnessed a 17% increase in volume while it's the average selling prices for products dropped by 48%, the company said in a report. For full year 2008, Titan Chemicals witnessed RM7.0 bln in revenue for the financial year ended December 2008, a 16% YOY. The company suffered a loss before tax of RM426.6 mln. The inventory write-down totaled RM107.4 mln owing to the decline in values of the raw materials and olefins and polymers. "The global business environment continues to be very challenging. The unprecedented falling prices in feedstocks and end products negatively impacted the financial performance during quarter," said Warren Wilder, Managing Director of Titan Chemicals Corp. Bhd. Titan Chemicals is currently having net borrowings amounting roughly RM1.5 bln and has recently announced its bankers agreed to amend certain financial ratio covenants. As a result, the company's dividend payments for FY 2008 and FY 2009 are restricted.
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