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Indorama Ventures posts record output in Q2
10
Aug '15
Indorama Ventures (IVL), an integrated global producer of polymers saw record production of 1.8 million tons on the back of higher utilisation rates and additional volumes from new acquisitions in the second quarter of 2015.

A press release from IVL said, “IVL's scale and business model pursues to build a world-class global corporation and management that are focused on excellence and governance in a sustainable way.”

For the second quarter of 2015, revenue increased to Baht 61.2 billion and reported profit before tax after non controlling interests of Baht 7.2 billion for the last 12 months (LTM) ending June 30, 2015.

During the last 12 months, IVL achieved strong operating cash flow of Baht 24.8 billion on a record production of 6.6 million tons.

“IVL strives to differentiate and has been successful in building a significant portfolio of niche businesses that are harder to replicate and is therefore much resilient to global uncertainty,” it added.

IVL's high value-added (HVA) portfolio in LTM ending second quarter of 2015 generated revenue of Baht 81.2 billion or 34.8 per cent of its total revenue that has grown from 30.5 per cent in the previous period.

“BRIC countries remain a laggard due to the economic slowdown and the over-build of capacities in necessities, which further compounds the situation,” the petrochemicals to fibres producer noted.

New capacities in India in the PTA value chain in the first quarter of 2015 has delayed the recovery of PTA margins and has put pressure on downstream margins, which is expected to continue in rest of 2015.

Core net profit before taxes in the reporting quarter grew by 27.7 per cent from a year ago period to Baht 2.3 billion or Baht 1.04 earnings per share and it declared an interim dividend of Baht 0.24 per share.

IVL CEO Aloke Lohia explained that its move into the high value-added space led by R&D and specialised materials led to important gains.

“We now have a keen focus on what has become a very successful strategy over the last few years and enhanced our HVA product profile so that it now constitutes 22 per cent,” Lohia said.

“Currently we have a unique mix of HVA products in our portfolio serving the automotive, hygiene, industrial and packaging sectors,” he added.

The company's North American business remained strong with a core EBITDA over the last 12 months of $327 million.

The second half of 2015 in this region is expected to see higher volumes, due to the full effect of the volumes expected following the completed acquisition of the PTA facility in Canada in the quarter under review.

IVL capacity grew by one million tons to reach 8.5 million tons following its acquisitions in 2015 and this is expected to grow a further 700,000 tons in the second half of the year under its ongoing M&A Capex plan.

IVL listed on the Thailand exchange has 14,000 employees worldwide and reported consolidated revenue of $7.5 billion in 2014. (AR)

Fibre2Fashion News Desk – India

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