Net profit leaps at Indorama Ventures in 2015

25 Feb '16

2 min read

Thailand based petrochemicals to fibres producer Indorama Ventures Public Company Limited (IVL) recorded a big leap in net profit for 2015.

“Reported net profit for 2015 was Baht 6.6 billion, a 295 percent rise from THB 1.6 billion in the prior year,” a press release from the company said.

The company achieved total revenue of THB 236 billion for the full year, compared with revenue of THB 244 billion in 2014.

“The slightly lower revenue occurred due to lower absolute product prices following the lower crude trend,” it explained.

Total production rose 12 per cent in 2015, to 7 million tons compared to 6.2 million tons in 2014.

“Operational excellence initiatives lead to core PAT being higher at Baht 6.5 billion in the reporting year, a year on year increase of 33 per cent,” Indorama added.

According to IVL, high value add (HVA) products are now contributing 48 per cent of core EBITDA and have proven to be a valuable investment that offers significant potential.

IVL saw a tax adjusted non-cash inventory devaluation of Baht 2.3 billion as a result of a rapid fall in prices.

This was however offset by net extraordinary income of Baht 2.4 billion primarily coming from gains on bargain purchase on completed acquisitions.

IVL recommended a full year dividend of THB 0.48 based on core earnings per share of THB 1.17.

The company completed six acquisitions in 2015, with an additional two acquisition agreements expected to be closed in the second quarter of 2016. (AR)

Fibre2Fashion News Desk – India

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