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Despite PTA overcapacity Indorama Ventures net skyrockets
07
Aug '14
Chinese PTA overcapacity continues to depress Indorama Ventures Public Company Limited (IVL) feedstock segment, despite which, net profit skyrocketed 163% to THB 1.8 billion in the first half of 2014, over the same period of 2013.

IVL a leading vertically integrated polyester value chain producer, witnessed overall revenues of THB 125.7 billion in the first half of 2014, an impressive 12% rise over the same period in 2013.
In the same period, core EBITDA too surged 44% to THB 10.2 billion.

IVL said, “The Chinese PTA overcapacity continues to depress our feedstock segment but the Company is optimistic that the bottom has been reached with most producers operating at below cost over last two years, which has led to industry restructuring and better producer discipline.”

In the period under review, IVL successfully closed the deal in end April 2014 to acquire PHP Fibers, a leading global Nylon 66 air bag yarn supplier, which enabled IVL to make its maiden entry into the airbag and tire cord business.

IVL has also started PET packaging business in Philippines, post its successful entry into Nigeria and continues to develop this segment in under-served markets with high growth potential.

Aloke Lohia, Group CEO of IVL said, “2014 has been positive for all segments of the business and especially our focus on the High Value Add (HVA) products continued to gain traction and are now contributing to about 40% of our core EBITDA”.

“The resultant strong generation of operating cash flow of THB 12.9 billion in the first half of 2014 is testament to the strength of the group’s global footprint and its diversified sources of revenue while remaining focused in an industry that our management is passionate about,” Lohia noted.

Fibre2fashion News Desk - India

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