Titan Kimia profit jumps 164%

Polyethylene and bi-axially oriented polypropylene producer PT Titan Kimia Nusantara (FPNI) reported net profit of Rp241 billion in the first half 2009, surged 164% from the same period last year.

Titan Kimia, a subsidiary of Malaysia's Titan Chemicals Sdn Bhd, reported better operating margins in the period where sales increased but cost of raw materials declined.

Titan Kimia reported operating profit of Rp297 billion, jumped 118% from the same period last year. Titan Kimia operates two polyethylene (PE) resin plants in Merak, Banten province with combined capacity of 450,000 tons per year. This is actually bigger than PT Chandra Asri Petrochemical Center (CAPC) which has 300,000 tons per year of PE capacity. But CAPC's PE plant is integrated with ethylene supply from its own naphtha cracker.

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