IVL Reports 36% Less in Profit in 1Q19 due to Higher Interest Expenses/Depreciation

Indorama Ventures Public Company Limited (IVL) has reported its 1Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

IVL recorded its 1Q19 profit at THB 3.7 billion, decreased by 36.23% from THB 5.81 billion in 2018, mainly due to higher interest expenses and depreciation.

However, IVL achieved an aggregate production of 3 million tons with contribution from newly acquired assets in 2018, consolidation of PET in India, consolidation of PTA in Indonesia and high operating rates at 87%.

IVL asserted that integrated PET section (PX, PTA, PET and Recycling) accounted for 79% of total production and 63% of core EBITDA in 1Q19. Production volume was 2.3 million tons (+37% YoY; +9% QoQ)