Bangkok--8 Sep--Indorama
Indorama Ventures Limited, the leading producer of purified terephthalic acid (PTA), is among the highest generating non-listed corporate in Thailand after its first half net profits hit close to 3.5 billion baht while the future of the company looks bright as there is continued rise of demand while margins have remained firm.
IVL, which is the parent company of the Indorama Polyesters Plc (IRP), reported a net profit of nearly 3.5 billion baht that makes it one of the leading companies in the country while for the year the company continues to expect a good performance from its various operations spread across the world.
For the year the Thailand based IVL which has a host of companies around the world which generate combined annual revenue of close to 70 billion baht and profit of nearly 7 billion. The company is expanding its reach overseas, but only one of its subsidiaries, IRP, is listed on the Stock Exchange of Thailand.
IVL whose major shareholders include the family of Aloke Lohia and Bangkok Bank Plc, saw its first half revenues reach nearly 36 billion baht and expects things to improve in the months ahead as demand for its key products of PTA and polyethylene terephthalate (PET) continue to show signs of strengthening amid a recovery in the sector and the global economy overall.
IVL, Mr. Aloke Lohia, the chief executive officer of IVL says is a company that has been trying to proactively move toward maximising its value chain and operational synergies and therefore it has expanded into the polyester business over the past few years.
The company through its acquisition entered into the PTA business and has managed to vertically integrate its businesses.
Mr. Aloke says that he believes that the PTA industry had bottomed out in 2008 and is now on the up-cycle which would further benefit IVL in the second half of this year.
IVL has operations spread across Thailand, Europe, and the United States in both PET and PTA business.