Malaysia's Titan Chemicals show strong growth for Q2; firm's PE production to see expansion in Indonesia

28-Aug-08

In Q2 2008, Malaysia's Titan Chemicals Corp. Bhd. exhibited a RM3.7 bln (approx. US$1.096 bln) in revenue and RM 206.7 mln (approx. US$61.25 mln) in profit after tax (PAT) due to the addition of Butadiene, a new product, and increase in selling prices and sales volume of existing products. Besides, Titan Chemicals' revenue increased by 25% and Profit Before Tax rose 65%, Q1 of 2008. Showing a deep endeavour to replace naphtha with LPG for its feedstock owing to rising naphtha prices, Titan Chemical has augmented its LPG utilization rate to 25% by the end of Q2. For the same purpose, the firm has also augmented its LPG storage facility in place by Berge Frost, one of the world's largest Very Large Gas Carriers (VLGCs) berthed at Pasir Gudang in June. As far as the firm's Indonesian operations are concerned, PT Titan Kimia Nusantara Tbk (PT. Titan) has achieved a second consecutive quarter of record production for its polyethylene (PE) production volume. Furthuring its PE production, Titan Chemicals has already set underway its largest PE line in Indonesia and has plans to expand the output for Indonesian market to take it new levels in 2008. In addition, Biaxially-Oriented Polypropylene (BOPP) products will be addd to the product portfolio in Indonesia which has led to both the firm's Malaysian and Indonesian team coordinate and lay their hands on new businesses in the region.