Bangkok, Thailand – 5th August 2014 – Indorama Ventures Public Company Limited (IVL), the world’s leading vertically integrated Polyester Value Chain producer, saw total revenues of THB 125.7 billion in the first half of 2014, an impressive 12% rise over the same period in 2013, with Core EBITDA growing 44% to THB 10.2 billion. Net profit correspondingly grew by 163% to THB 1.8 billion over 2013.
The Chinese PTA overcapacity continues to depress our feedstock segment but the Company is optimistic that the bottom has been reached with most producers operating at below cost over last two years, which has led to industry restructuring and better producer discipline.
“2014 has been positive for all segments of the business and especially our focus on the High Value Add (HVA) products continued to gain traction and are now contributing to about 40% of our core EBITDA,” Lohia noted. The successful closure in end April 2014 of the deal to acquire PHP Fibers, a Leading Global Nylon 66 air bag Yarn supplier, is the first maiden entry of IVL into the airbag and tire cord business. The Company’s has now started PET packaging business in Philippines post successful entry into Nigeria and continues to develop this segment in under-served markets with high growth potential.
“The resultant strong generation of operating cash flow of THB 12.9 billion in the first half of 2014 is testament to the strength of the groups global footprint and its diversified sources of revenue while remaining focused in an Industry that our management is passionate about,” said Aloke Lohia, Group Chief Executive Officer.
For a more in-depth view of our results, read the Management Discussion and Analysis on our website:
Or download our financial statements: