Lotte Chemical released its third quarter financial results with the group's revenue decreasing by 1% or RM 15.0 million, from RM 196 billion in Q3 2023 to RM 1.94 billion in Q3 2024, this the group added was primarily attributed to lower sales volume and partially mitigated by higher average product selling price. Average plant utilisation was recorded at 58%, down from 66% in the same quarter last year, reflecting the implementation of a plant optimisation plan.

The loss before tax for the group increased from RM 67.5 million in Q3 2023 to RM 378.4 million in Q3 2024, mainly due to changes in write down of inventories to its net realizable value, increased losses from foreign exchange and higher share of losses from associate company, Lotte Chemical USA Corp due to maintenance shutdown. As a result, the net loss of the Group increased to RM 245.3 million in Q3 2024.

As for the 9 months, the group's revenue decreased by 3% or RM 148.7 million from RM 5.79 billion in 2023 to RM 5.64 billion in 2024, mainly due to lower sales volume. The decrease in revenue it said was partially mitigated by an increase in the average product selling price and the strengthening of US Dollar against Ringgit Malaysia in the first half of 2024. Overall average plant utilisation also decreased from 67% to 57% due to the scheduled statutory turnaround conducted in 2024

The Group's loss before tax increased by RM179.4 million to RM 923.7 million in 2024, mainly attributed to changes in write down of inventories to its net realizable value, increased losses from associate company and foreign exchange and higher finance costs.

As a result of the above, the net loss of the Group increased by RM 80.4 million to RM 695.8 million in 2024. The increase in net loss was partially offset by decrease in our net deferred tax liabilities as a result of the weakening of US Dollar against Ringgit Malaysia.