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IVL doubles sales revenue to USD6bn in 2011

February 24/2012

(ei.wtin) -- Polyester producer Indorama Venture Limited (IVL) recorded consolidated sales revenue of USD6bn last year, approximately double the figure it achieved in 2010 (USD3bn).

The companys net profit also rose to USD510m, this was 55% above the $328m achieved in 2010, and after excluding extraordinary items IVLs profits were still 38% higher when compared to the same period.

Despite the natural disasters that occurred in Thailand and Alabama, US, IVLs annual volume growth increased by nearly two-fifths.

In 2011, its reported Consolidated EBITDA was USD558m, reflecting growth of 28% over the previous year, while Core EBITDA was USD552 million, or growth of 38%.

The end consumer demand growth for PET and Polyester was in line with forecasts at 7% globally, however industrial sentiments in the fourth quarter in 2011 turned bearish leading to de-stocking and a reduction in inventory similar to sentiments observed in Q4 2008 at the height of the financial crisis.


According to IVL, Q4 2011 was significantly impacted by both short term de-stocking of inventories globally due to falling commodities prices, which resulted in lower production volumes, and the loss in production of plants in Thailand due to the floods.

However, after a slow fourth quarter all of its business segments are seeing resilient consumer demand in all markets, leading to high manufacturing utilisation rates and lower operating costs due to scale.

Recently the company has made a number of acquisitions including the buyout of FiberVisions, Old World and Wellman International. The FiberVision deal not only adds specialty mono/bi- component fibres in high value consumer applications, but also makes IVL the largest producer of polypropylene fibre.


mrcplast.com

Author:Anna Larionova
Tags:polyether, PP.
Category:General News
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