BANGKOK, Thailand — August 10, 2016 — Indorama Ventures Public Co. Ltd. (IVL), a global chemical producer, today announced its results for the second quarter 2016. The company’s Core Profit after tax and non-controlling interests (NCI) climbed to a record Baht 2.9 billion in 2Q16, reflecting very strong growth of 74 percent year-on-year (YoY) driven by margin recovery in the PET segment and contributions from additional feedstock volumes, primarily PTA from new acquisitions IVL Spain, formerly Cepsa Spain, and Aromatics Decatur, formerly BP Decatur in the U.S. as well as High Value-added product volume thanks the contribution of IPA and NDC from those acquisitions.
The last twelve months (LTM) second quarter 2016 Core EBITDA saw PET sector growth of 19 percent underpinned by excellent growth in the Fibers segment of 46 percen year-on-year. Regional earnings in the HVA portfolio all grew both quarter-on-quarter and year-on-year with core LTM EBITDA topping Baht 12 billion from Baht 9 billion the previous 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, primarily coming from a gain on bargain purchase on the IVL Spain acquisition and resulted in a reported net profit of Baht 5.9 billion. For the last twelve months we achieved net profit of Baht 10.8 billion or EPS of Baht 2.08.
Aloke Lohia, Group CEO of IVL commented: “Our second quarter results continue to show improvement across our segments. 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. Our blend of focused businesses will transform us as one of the most competitive producers in our space and provide us downside protection on volumes and integrated margins while preserving our upside potential as the industry recovers. IVL is now the most integrated global company in our industry.”
Posted August 10, 2016
Source: Indorama Ventures Public Company Limited (IVL)