Shandong Yulong Petrochemical has initiated trial production at parts of its newly constructed petrochemical complex in Yantai City, Shandong Province, China, marking the operational debut of the Phase I grassroots integrated project after four years of development.
This move is part of a broader strategy to mitigate financial losses. In the third quarter of 2024 alone, the company reported an operating loss of 413.6 billion won, bringing total operating losses for the year to 660 billion won.
The company has reported losses for 10 consecutive quarters, with a net loss of RM246.42 million recorded in the third quarter ending September 30, 2024 (3QFY2024). In its filing to Bursa Malaysia, the company projected its annual operating rate to stabilize between 55% and 60% for FY2024.