MOSCOW (MRC) -- Indo Rama Synthetics (India) (Gurgaon), a major local producer of polyester, announced a return to profit in the third quarter of fiscal 2016 ending 31 December 2015, said Indiatimes.
Net profit in the third quarter was 3.5 million Indian rupees (USD51,578) compared with a net loss of Rs584 million in the year-earlier quarter. Revenues declined 9% to Rs6.03 billion. Ebitda reached Rs237.4 million compared with an Ebitda loss of Rs57.1 million. The company registered 12% higher volume sales at 83,175 m.t. during the quarter. Domestic sales volumes rose 27% during this period from 56,145 tonnes to 71,574 tonnes.
Commenting on the results, Indo Rama Synthetics Chairman and Managing Director O P Lohia said: "Our results for this quarter have started to fall in-line with our objective to make the company profitable."
Over the outlook, he said, "The cotton production is expected to remain low in this calendar year, which will help us in improving our margins."
As MRC informed earlier, Indo Rama Synthetics (India) is going to construct a petrochemical complex for purified terephthalic acid (PTA), polyethylene terephthalate (PET) and polyester staple fiber (PSF) production.
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.
MRC