KUALA LUMPUR: Loss-making Lotte Chemical Titan Holding Bhd (LCT) staged a surprise rally in the final hour of trading, surging more than 16 per cent to hit a new year-to-date high.
The stock opened flat at 59.5 sen and remained range-bound for most of the day, before a sharp uptick began just five minutes before 4pm.
By 3.55pm, LCT had edged up to 60 sen, then climbed to an intraday high of 71.5 sen, up 12 sen or 16.78 per cent, around 4.32pm.
It later eased to 70.5 sen at 4.44pm, still up 15.6 per cent or 11 sen from the previous day’s close.
LCT emerged as the sixth most actively traded counter during the final trading hour, with nearly 40 million shares exchanging hands, its busiest day in over two months.
At 70.5 sen, LCT commanded a market capitalisation of RM1.38 billion. The counter has now gained over 10 per cent year to date, having started the year at 64 sen on Jan 2.
This marks the second sharp rally in a week. On July 17, LCT jumped nearly 17 per cent in the morning session, with volume also spiking to a two-month high. The stock eventually settled at 56 sen, up 9.82 per cent for the day.
LCT’s last major corporate announcement came earlier this month when it disclosed a US$2.99 billion (RM12.69 billion) related-party transaction, a 10-year ethylene supply agreement between two of its Indonesian subsidiaries.
For the first quarter ended March 31, 2025, the company posted a narrower net loss of RM125.7 million, a 29 per cent improvement from RM178 million a year earlier, driven by better margins, lower depreciation and a contribution from its associate.
However, revenue fell 22 per cent year-on-year to RM1.49 billion, due to lower average selling prices and weaker sales volume.
By segment, revenue from olefins and derivatives dipped to RM361.6 million from RM405.3 million, while polyolefin sales fell 25 per cent to RM1.13 billion, largely due to lower volumes and the ringgit’s appreciation against the US dollar.
As at end-March, LCT’s cash and bank balances rose to RM744.7 million from RM467.5 million at end-December. Total borrowings increased to RM9.36 billion, while retained earnings stood at RM1.99 billion.
© New Straits Times Press (M) Bhd
