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Indorama Ventures Q3 net profit rises 121%
18
Nov '15
Despite a decrease of 2 per cent year-on-year in the total revenue, Indorama Ventures Limited (IVL), a global leader in petrochemicals and wool yarns, recorded a surge of 121 per cent in its net profit for third quarter of 2015.

The increase in net profit was owing to several factors like a change in the product range, an overall increase in the volume of production and a wider reach in terms of geography, according to a press statement issued by the company.

IVL's total revenue for Q3 2015 was THB 62,603 million (approximately $1.740 billion) for Q3 2015, and the net profit recorded for the quarter is THB 1,811 million ($50.258 million).

Elaborating the reasons for the increase in net profit, Aloke Lohia, Group CEO of IVL said, “The product mix changed as a result of our global acquisition strategy's focus on higher value-added businesses. Our timely acquisition of Performance Fibers earlier this year led to an improvement in the bottom-line and strengthened our portfolio, leading to better performance even during the traditionally-low season.”

“The consolidation of the industry and improved supply chain costs – caused by lower oil prices and a strong dollar – assisted us in growing profit. We will continue to increase our global footprint and scale of production to meet the needs of major global brands which are not seeing less demand,” he said.

EBITDA at IVL also increased by 43 per cent to THB 6,091 million ($169.049 million). (MCJ)

Fibre2Fashion News Desk — India

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