Current economic softness trims Indorama results; PET plant to start up in Europe during Q4 while PSF unit comes online next year in Indonesia
BANGKOK, THAILAND, November 16, 2012-
Indorama Ventures Public Company Limited (IVL), the world's leading vertically integrated Polyester Value Chain producer, announced its Q3 2012 results. EBITDA rose to US$ 122 million compared to US$ 105 million in Q2 2012 and net profit rose to US$ 50 million from US$ 39 million. Sales of US$ 1.7 billion were on a par with Q3 2011, though slightly down on Q2 2012. While consolidated IVL's results improved quarter on quarter, year-on-year results were weaker than Q3 2011 reflecting poor sentiments in Asia and Europe at present.
Quarter-on-quarter results were a reminder of IVL's strength as a global player, with the benefits of economy of scale and superior product offerings that kept utilization rates steady. The Company still saw weak margins in Asia led by concerns about the Chinese economy, which remained depressed over several quarters, and poor margins for Asian PTA caused by overcapacity. Contrasting with this, the MEG, PET and Polyester businesses in North America performed well as underlying fundamentals remained strong while European businesses were slightly weaker due to the prolonged economic crisis. North America represents around 40% of IVL's US$ 5.1billion in consolidated sales for the nine months ending Q3 2012.
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