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Q2 net at Indorama Ventures zooms 74%
11 Aug '16
2 min read
Driven by margin recovery in the PET segment and contributions from additional feedstock volumes, net profit zoomed 74 per cent year on year at Indorama Ventures Ltd (IVL) in the second quarter of 2016.
In the three months to June 30, 2016, the company said its net profit climbed to a record Baht 2.9 billion reflecting very strong growth of 74 per cent over the same period of the earlier year.
The second quarter saw a non-cash inventory gain of Baht 0.6 billion as a result of the increase in oil prices that was further supplemented by net extraordinary income of Baht 2.5 billion.
The extraordinary income of Baht 2.5 billion primarily came from a gain on bargain purchase on the IVL Spain acquisition and resulted in a reported net profit of Baht 5.9 billion.
CEO Aloke Lohia said, “Our second quarter results continue to show improvement across our segments, while IVL is now the most integrated global company in our industry.”
“The recent acquisitions of IVL Spain and Aromatics Decatur reflect our unique business model and strategic choices that made IVL ever more resilient and efficient,” he added. (AR)
In the three months to June 30, 2016, the company said its net profit climbed to a record Baht 2.9 billion reflecting very strong growth of 74 per cent over the same period of the earlier year.
The second quarter saw a non-cash inventory gain of Baht 0.6 billion as a result of the increase in oil prices that was further supplemented by net extraordinary income of Baht 2.5 billion.
The extraordinary income of Baht 2.5 billion primarily came from a gain on bargain purchase on the IVL Spain acquisition and resulted in a reported net profit of Baht 5.9 billion.
CEO Aloke Lohia said, “Our second quarter results continue to show improvement across our segments, while IVL is now the most integrated global company in our industry.”
“The recent acquisitions of IVL Spain and Aromatics Decatur reflect our unique business model and strategic choices that made IVL ever more resilient and efficient,” he added. (AR)
Fibre2fashion News Desk - India
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