IVL's Q1 2016 profit grows 8% y-o-y to Baht 1.3 bn

10 May '16

1 min read

Thailand based chemical company, Indorama Ventures Limited (IVL) reported an y-o-y rise of 8 per cent in its profit after tax and non-controlling interests to Baht 1.3 billion in the first quarter of 2016.

The profit was achieved despite the shutdown of the US site of ethylene oxide and ethylene glycol (EOEG) for the full quarter.

Owing to the shutdown, North America showed mixed results. But it was accompanied by strong performance from the PET, HVA and Asian PTA business. Fibres business also performed strongly in the quarter.

Commenting on the profit report, Aloke Lohia, Group CEO of IVL 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,” he added. (MCJ)

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