Thailand chemical firm IVL reports Q1 FY21 revenue of $3.24 bn

09 Jun '21
2 min read
Pic: Shutterstock
Pic: Shutterstock

Indorama Ventures Public Company Limited (IVL), a global chemical producer, has reported 10 per cent year-over-year (YoY) revenue increase to $3.24 billion in its first quarter (Q1) for fiscal 2021 compared to revenue of $2.94 billion in the corresponding quarter of previous fiscal. The company’s EBITDA rose to $369 million (Q1 FY20: $304 million).
“Last quarter I stated that 2020 brought no structural damage to the industries IVL plays in and the first quarter of 2021 has further solidified this thesis. Our advantaged portfolio and experienced management, supported by our transformation programs, will yield superior returns for shareholders in line with our 2023 targets,” Aloke Lohia, group CEO of Indorama Ventures, said in a press release.
The company’s total expenses for Q1 FY21 was $2.94 billion, while profit for the period jumped to $215 million ($17 million).
According to the company, the fibres segment made a positive start to 2021 with strong volumes and demand across all three verticals due to recovery in polyester fibre demand, increase in light vehicles sales driven by China and continued strong demand for hygiene fibres, achieving an increased overall average operating rate of 86 per cent. Combined PET segment achieved core EBITDA of $260 million,  growing  35 per cent YoY, driven primarily by demand growth and higher integrated industry spreads on top of the sharp rise in crude oil prices.
“Our journey towards carbon neutrality will be a key guidepost for IVL’s actions going forward, in our quest to be a world class sustainable chemical company,” Lohia said.

Fibre2Fashion News Desk (JL)

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