Indorama Ventures, one of the world’s leading producers in the intermediate petrochemicals industry and a leading global manufacturer of wool yarns, has reported 8 per cent growth in the first quarter of the year. The company noted Core Profit (after tax) and Non-Controlling Interests (NCI) of BAHT 1.3 billion in the reporting period.
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Aloke Lohia, Group CEO said, “I am very pleased to see that we were able to outperform expectations even though a key plant in Texas was closed for most of the quarter. This shows that as we grow in strategic markets and become more diversified both globally and in terms of our portfolio, we become more accretive. Our portfolio will see an even higher boost in 2nd quarter 2016 with addition of BP’s Decatur and Cepsa’s Spain asset that will boost our integration and HVA business.”
The last twelve months (LTM) first quarter 2016 Core EBITDA witnessed surge of 13 per cent to BAHT 22.1 billion while Core Profit grew significantly by 43 per cent to BAHT 6.6 billion compared with the same period last year, the company said in a release.
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The Group CEO also mentioned that while North America had mixed results due to the EOEG shutdown, PET and HVA were still very strong performers for the company. Asian PTA has also shown positive signs of recovery with Core EBITDA growth of 96 per cent Year-on-Year, accompanied by a strong surge in the fibres business as Core EBITDA for the segment increased by 21 per cent Year-on-Year.
