IVL Plunges Near 4% after Reporting a Plummet of 92% in 3Q19 Profit!

As of 15:45 local time in Thailand on November 11, 2019, the share price of Indorama Ventures Public Company Limited (IVL) fell by ฿1.25/share or 3.79% to trade at ฿31.75/share upon the release of its 3Q19 financial statement in the afternoon that posted a decline of 92% in profit.

IVL reported a net profit in the third quarter of 2019 at 792 million baht, plunged 92.11% from a net profit of 10,053 million baht in 3Q18. The decrease was due to its lower core EBITDA that plunged by 31% due to its low production volume while the foreign exchange loss that rose by 84% YoY also contributed to the decline of IVL’s profit.

The company stated that the unplanned shutdown was exceptional but significantly added to the profit decline in last twelve months. Unplanned shutdown contributed to $37m EBITDA decline in LTM; facility is now back online and operating on plan.