Net profit at Indorama Ventures zooms 145% in 2016

21 Feb '17

2 min read

Net profit at Thailand headquartered and Aloke Lohia led Indorama Ventures Public Company Limited (IVL) zoomed 145 per cent year over year to Baht 16.2 billion in 2016. Core EBITDA also ascended at each of the business divisions, of which at the PET segment grew 19 per cent, the Fibres segment increased 8 per cent and Feedstock segment rose 42 per cent.

According to the company, production volumes too expanded sharply by 24 per cent over the year ago period, to 8.7 million tons in the year under review, due to the completion of two major acquisitions in April 2016 in USA and Europe.

“All of this was achieved in what was otherwise a challenging business environment, especially in Asia, being impacted by excess capacity, low operating rates and lowest margins seen in the last five years,” IVL observed.

IVL also has several ongoing expansion and refurbishment projects, which includes the 440 KTA dual-feed, gas-based ethylene cracker purchased in Louisiana, USA, which is undergoing renovation.

The PTA expansion in Rotterdam, Netherlands is expected to be commissioned in mid-2017, which will help the company double its PTA capacity to 700 KTA.

The company will also undertake expansion of its HVA Performance Fibres tire-cord facility in China, as well as the expansion of its fibre capacity in Indonesia, while production at the IPA facility in Spain will also be doubled to 250 KTA. (AR)

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