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People & Business :: Companies

Titan Chemicals Reports Rise in Third-Quarter Profits

12:14 AM MDT | October 28, 2009 | Deepti Ramesh

Titan Chemicals (Kuala Lumpur) has recorded a 1380% rise in third-quarter net profits, to RM146.5 million ($43 million), compared with the year-ago period, on sales down 26%, to RM1.52 billion. The net profits of RM9.9 million recorded in the third quarter of 2008 were mainly due to a RM124.7 million write-down of inventories. The fall in sales in the third quarter compared to the year-ago period was due to a 28% decrease in sales price in tandem with a drop in oil price, which resulted in lower revenues, Titan Chemicals says. Demand for polymer products is...

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