LOTCHEM suspends plant operations for 12 days

MG News | October 17, 2023 at 03:33 PM GMT+05:00

0:00

October 17, 2023 (MLN): The management of Lotte Chemical Pakistan Limited (LOTCHEM) has decided to temporarily suspend the plant operations from October 18 to October 29, 2023 (Both days inclusive), the company’s filing on the local bourse revealed today.

The decrease in demand downstream and the need for efficient inventory and production management have led to this closure.

LOTCHEM is engaged in the manufacturing and selling of Pure Terephthalic Acid (PTA).

At the time of writing, the company’s share is being traded at Rs25.8, down by 95 paisa or 3.55% compared to the previous close.

It is pertinent to note that LOTCHEM's profit in 9MFY23 plunged by 40% YoY to Rs4.84 billion.

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