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Indorama Ventures Q2 net profit plunged 93%

August 14/2020

MOSCOW (MRC) -- Indorama Ventures PCL's second-quarter net profit plunged 93% from a year earlier as some of its businesses were hit by Covid-19 restrictions, according to MarketScreener.

Net profit was 153.51 million baht ($4.9 million), sharply lower from THB2.27 billion a year ago, the Thai petrochemical-products company said Thursday.

Revenue fell 21% to THB75.01 billion, as its integrated oxides and derivatives business took a hit due to a drop in crude oil prices and falling demand for its products.

Indorama's fibers business also suffered, mainly because of softening demand from lifestyle companies and from the automobile sector.

As MRC informed before, Indorama Ventures is still assessing the damage after lightning struck its Lake Charles cracker in Louisiana in early August, 2020 said spokeswoman Krystal Medlock in an email Aug. 3. "No restart date is available at this time," Krystal Medlock said. At around 8:30 am CT (1330 GMT) Aug. 1, "lightning struck our Lake Charles ethylene cracker resulting in a plant trip of the facility and subsequent flaring. The plant is currently offline and being assessed by plant personnel," Indorama said in a statement. The unit has a capacity of 440,000 mt/year, according to S&P Global Platts data.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's DataScope report, PE imports to Russia dropped in January-June 2020 by 7% year on year to 328,000 tonnes. High density polyethylene (HDPE) accounted for the main decrease in imports. At the same time, PP imports into Russia rose in the first six months of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.

Indorama Ventures Public Company Limited, listed in Thailand, is one of the world's leading petrochemicals producers, a global manufacturing footprint with 59 sites in 20 countries across Africa, Asia, Europe and North America. The company's portfolio is comprises necessities and high value-added (HVA) categories of polymers, fibers, and packaging. Indorama Ventures has approx. 24,000 employees worldwide and consolidated revenue of USD 11.4 billion in 2019.
Author:Margaret Volkova
Tags:PP, PE, homopolymer PP, propylene, HDPE, ethylene, fibers/filaments, car components, petrochemistry, Indorama Ventures PLC, Russia, USA, Thailand.
Category:General News
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