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Indorama Polymers beats trend to record solid growth

13
Nov '08
IRP management has been able to manage in current volatile times and achieve positive growth in its operational and financial performance for Q3, 2008 and in the nine months ended on September 30, 2008. The key elements are,

Total revenue Baht 11,711 million in Q3, 2008 as compared to Baht 6,370 million in Q3, 2007 higher by 83.8% attributable to a 54.5% increase in sales volume and higher average selling prices by 19.0% for PET polymers of Baht 56,748 per ton or USD 1,677 per ton in Q3, 2008, compared to Baht 47,678 per ton or USD 1,400 per ton in Q3, 2007.

Also, Total revenue has increased to Baht 30,925 million during nine months ended 30th September 2008 as compared to Baht 18,067 million during the corresponding period in 2007 higher by 71.2% mainly attributable to a 57.0% increase in sales volume and higher average selling prices by 11.0% for PET polymers of Baht 53,366 per ton or USD 1,625 per ton in 9M, 2008, compared to Baht 48,065 per ton or USD 1,382 per ton in 9M, 2007. The two plants acquired by the company on 31st March 2008 in Europe and expansions in StarPet and IRP contributed to the increase in sales volumes.

Cost of goods sold excluding depreciation increased by 85.4% from Baht 5,574 million during the Q3, 2007 to Baht 10,332 million in Q3, 2008, in line with increase in sales volume and higher cost of raw materials. The production of Amorphous PET polymers increased to 225,233 tons in Q3, 2008 from 132,078 tons in Q4, 2007, a growth of 70.5%.

Also, Cost of goods sold excluding depreciation for nine months ended September 30, 2008 increased by 73.6% to Baht 27,349 million from Baht 15,757 million in the corresponding period of 2007, in line with increase in sales volume and higher cost of raw materials. The production of Amorphous PET polymers increased to 588,884 tons in 9 months ended 30th September 2008 from 353,200 tons in corresponding period of 2007, a growth of 66.7%.

Selling and administration expenses increased by 95.6% to Baht 1,584 million during the nine month period ended September 30, 2008 from Baht 810 million in the corresponding period of 2007. The increase is from higher sales volume of 57.0% and higher logistics cost on higher crude prices resulting in SG&A expenses as a percentage of revenue increasing to 5.1% from 4.5%.

Depreciation expenses increased by 53.8% from Baht 357 million in nine months ended 30th September 2007 to Baht 549 million in nine months ended 30th September 2008, owing to higher depreciation on increase in fixed assets on the acquisition of two production facilities in Europe on 31st March 2008 and expansion in StarPet and Petform

Net interest expenses increased by 51.1% from Baht 309 million in nine months ended 30th September 2007 to Baht 467 million in nine months ended 30th September 2008. The increase in interest expense charged to income statement on addition of long term loans for the acquisition of two production facilities in Europe and additional loans for expansion in IRP, Petform and StarPet. Also, during the quarter interest expenses increased on working capital considering higher utilization in line with increase in PET polymer prices and raw material prices.


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