MOSCOW (MRC) -- Indorama Ventures clocked a reported earnings hike of 12% from 2013 in full year of 2014, said Fibre2fashion.
Indorama Ventures, which turned 25 this year, said its reported earnings after extraordinary and non-cash items in 2014 amounted to THB 1.48 billion, up 12% over 2013.
However, the company reported full year core earnings of THB 5.1 billion, an increase of 146% as against 2013. "The company’s strategic focus on developing a high value-added (HVA) portfolio has started to bring in rewards," CEO Aloke Lohia said.
In the same period, core EBITDA expanded by a massive 30% over its previous year at the petrochemicals manufacturer. Cash from operations in 2014 stood at THB 22.4 billion, once again a massive expansion of 114 per cent from 2013. The impact of crude oil prices falling, leading to inventory write-downs in the fourth quarter, has seen benefits in improvements to its cash flow as it used less working capital on lower prices.
Volumes at the IVL Guangdong PET plant, its state-of-the-art polyester fibres plant and at Polychem (CP4) in Indonesia have increased in the year under review. Indorama has also achieved better utilisation of other assets, such as in Poland by enhancing its capacity.
The Company expects to close a deal to acquire Performance Fibers Asia in China soon, and thereby gain synergies with its current platform of superior auto sector assets in Europe.
Another acquisition, Polyplex in Turkey, will allow it to consolidate the Southeast European market for PET and provide greater volumes in our key markets.
Indorama Ventures is a leading producer in the polyester value chain in Thailand with strong global network and manufacturing across Asia, Europe and North America. Its products serve major players in diversified end use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial. The company’s main products are PTA, PET and polyester fibre, which are distributed across the world.