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

Respresentatives of over 30 Chinese companies in a meeting with officials of Kazakh Invest National Company; Courtesy: primeminister.kz

Textiles | On 17th Aug 2018

Kazakh-China cooperation in textiles explored in Astana

China and Kazakhstan have immense potential to cooperate in textiles...

Courtesy: Pexels

Textiles | On 17th Aug 2018

AWEX EMI closes at highest ever level of 2116ac clean/kg

The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI)...

Courtesy: VF Corporation

Apparel/Garments | On 17th Aug 2018

VF Corporation shifting global headquarters to Denver

VF Corporation, one of the largest apparel, footwear and accessories...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

Leave your Comments


August 2018

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

news category


Related Categories:

Advanced Search