Just my thinking.. If the company profit solely relied on the reversal of write down, then why all the cracker plant still running at full rate. The reason should be current market is able to deliver good operating profit to the petrochemical plant.

So, i think believe the one off startup cost and lower operating rate are the one make the results look bad.

You can check back from the ipo prospectus then you will realize the naphtha feed steam cracker no.2 is the largest plant to supply their internal downstream plant

Just glance through the news during this holiday.... just some sharing on my findings

Bear in mind... although LCtitan's operation is not affected by MCO due to essential service, it is believed their major complex plant still under scheduled maintenance and hence affecting their throughputs. You guys can refer the link below which stated Lctitan naphtha feed steam cracker no.2 undergoes 45-day turnaround in March.

https://www.argusmedia.com/en/news/2076002-malaysias-lotte-titan-to-shut-cracker-po-units

And, petrochemical company normally need to consume certain feedstock to inventory and processing until produce on spec resin. This will cause the naphtha purchased is not 100% translated into product to be sold

Anyway, just to highlight this quarter report does not really reflect the truth of Lctitan performance due to lower operating rate.

Considered Q3 there is no major turnaround, expecting Lctitan shall be able to deliver satisfactory result considered the strong demand of the packaging sector and PPE due to Covid-19 as current margin still profitable. This can be indicated by most of the cracker plant still running at full rate due to good olefin margin [quoted from S&P Global news]