Bangkok--May 9--Weber Shandwick
Indorama Polymers Plc (IRP) has reported a net profit of 484 million
baht for fiscal 2004, a 51% increase from its 2003 profit of 322 million baht.
Total revenue for 2004 was 9,305 million baht, an 84% increase from 5,122 million
baht in 2003.
IRP CEO, Mr. Anil (Aloke) Lohia, attributed the increased revenue to
higher sales volume, and a better product mix that helped to achieve higher
margins. Operating costs also rose in line with revenue growth due to higher
production volumes. Plants in both Thailand and USA achieved full capacity
utilization, despite higher pricing for raw materials resulting from the global
rise in oil prices.
“The outlook for increased demand for PET polymers continues to be
healthy despite the continued pressures brought by high oil prices. At the end
of 2004, IRP produced 192,609 tons of PET polymers, and our planned expansion
will help us achieve our target of 424,000 tons by 2006,” Mr. Lohia said.
IRP, formerly Indopet (Thailand) Ltd., became a holding company of
its other subsidiaries, namely Asia Pet Thailand, StarPet USA, and Orion Pet,
Lithuania, in September 2004. The company also formed a joint venture subsidiary
in 1998 with Serm Suk Public Company Limited, Petform Thailand
Proforma Financial summary (In Mil Baht)
2004 2003 % growth/ (decrease)
Sales Revenue 9,275 5,045 84%
Other Income 30 77
Total Revenue 9,305 5,122 82%
Operating expense 8,681 4,682 85%
Finance expense 112 74
Others 27 44
Total Expense 8,820 4,800 84%
Net Profit 485 322 51%
Note to editor: Indorama Polymers Public Company Limited (IRP) was
established as IndoPet (Thailand) in 1995. The company is a world leader in
the manufacturer of PET Polymers through its four subsidiaries: Asia Pet
(Thailand) Limited; StarPet Inc. USA; UAB Orion Global Pet Lithuania; Petform
(Thailand) Limited. Indorama Polymers is clearly focused on growing with the
global trend in demand, while maintaining its ability to optimally serve its
customers in the domestic and regional markets of its manufacturing facilities.
Press Contacts:
Mr. Pramod Narayan Dubey
AVP - Marketing
Indorama Polymers Public Company Limited
Tel: 0 2661 6661
Email: [email protected]
Khun Kamonwan Thansri
Weber Shandwick (Thailand) Limited
Tel: 0 2257 0300 ext 332
Email: [email protected] End.