Home / Knowledge / News / Textiles / Q2 net at Indorama Ventures zooms 74%
Q2 net at Indorama Ventures zooms 74%
11
Aug '16
Courtesy: Indorama Ventures
Courtesy: Indorama Ventures
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)

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 8th Dec 2016

Package will boost made-ups sector: SIMA

The reforms package approved by the Union Cabinet to boost employment ...

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Textiles | On 8th Dec 2016

R&D is key to textile industry’s growth: Kavita Gupta

Research and development is the key to the growth of the textiles...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search