Indorama Ventures has record output, net profit up 57% in Q3

Indorama Ventures Public Company Limited (IVL) posted stronger financial results for the third quarter, according to media reports. The company’s core net profit after tax and non-controlling interests (NCI) increased 57% on a yearly basis to THB2.85 billion in the third quarter. Adding in one-off items, the company’s net profit increased 564% to THB3.2 billion. The increase was attributed to higher feedstock volumes via the latest acquisitions in Spain and USA and higher run rates.

The company’s core earnings before interest, taxes, depreciation and amortization (EBITDA) was up 16% on the year to THB7.5 billion ($213 million) in the July-September period thanks to increased integration and strategic expansions.

Indorama’s global petrochemicals production reached a record at 2.4 million tons in the July-September period, up 22% from a year earlier due to improved integration of feedstock production while PET production also rose 13% to 990,000 tons in the third quarter when compared to 987,000 tons in the previous quarter owing to higher utilization rates.