Quarter 3, 2015 Results Announcement
Nov 12, 2015
Bangkok, Thailand – 12 November 2015 – Indorama Ventures Public Company Limited (IVL), a world-leading producer of intermediate petrochemicals, announced its third quarter total revenue was THB 62,603 million, 2% lower year-on-year, while improving core net profit by 121% to THB 1,811 million due to an increase in volumes, a change in the portfolio mix to more high value-add products and a broader geographical footprint that helped core EBITDA rise 43% to THB 6,091 million.
The Feedstock business remained muted in Q3 partially due to an unplanned outage at the company’s Ethylene plant in the USA and a force majeure by a domestic raw material producer in Thailand. Nevertheless, the global PET business increased production by 9% compared to the third quarter of 2014 enabling core EBITDA to rise 37%. The Fibers and Yarns business increased its production by 8% compared to the same period last year and together with some positive foreign currency earnings translation, raised core EBITDA by 118%.
“The product mix changed as a result of our global acquisition strategy focus on higher value added businesses,” said Mr. Aloke Lohia, Group CEO of Indorama Ventures. “Our timely acquisition of Performance Fibers earlier this year led to an improvement to the bottom line and strengthened our portfolio, leading to better performance even during the traditional low season.
“The consolidation of the industry and improved supply chain costs, caused by lower oil prices and a strong dollar have assisted us to grow profit. We will continue to increase our global footprint and scale of production to meet the needs of the major global brands who are not seeing a lowering of demand,” Mr. Lohia said.