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

Apparel/Garments | On 23rd Jun 2017

Alfredo Grassi to develop graphene-enhanced workwear

Alfredo Grassi, manufacturer of customised protective clothing,...

Courtesy: IMRG

Apparel/Garments | On 23rd Jun 2017

UK online retail sales up only 10.2 pc YoY in May 2017

UK online retail sales were up 10.2 per cent year-on-year (YoY) in...

Courtesy: Radicigroup

Textiles | On 23rd Jun 2017

Radici Chimica focuses on business continuity

Radici Chimica SpA, a strategic RadiciGroup company, is keen on...

Interviews View All

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Vidhyaa Shankar. S
A Ganapathi Chettiar

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

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Yash P. Kotak
Bombay Hemp Company

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

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search