Global chemical producer Indorama Ventures Public Company Limited (IVL) has delivered year-on-year revenue growth of 11 per cent in second quarter of 2017. The company’s revenue increased to $2,089 million during April-June quarter. This was despite planned turnarounds that led to a 4 per cent fall in production to 2,223 million tonnes.
IVL’s core net profit was up 31 per cent year-on-year to $110 million, during the three-month period. While its core EBITDA grew by 9 per cent to $239 million, driven by prudent investments made in the higher-margin HVA businesses; integration into key feedstocks in balanced markets and timely investments in key regions.
The Rotterdam purified terephthalic acid (PTA) expansion is complete with final fine-tuning events being executed and begins contributing in the third quarter as Europe’s most efficient integrated PET/PTA plant. Meanwhile, the company is on track to complete its 440,000 tonnes/ annum US Gas Cracker project and expects refurbishment to be complete by the end of 2017. Approximately 90 per cent of the output produced will be used as a feedstock at IVL’s Texas EO/EG facility, allowing the company to further integrate and capture full value chain gains as well as an improved return on capital.
Cash flow from operating activities grew by 87 per cent year-on-year to $286 million