IVL Reports a 9-Fold Increase in 1Q Earnings, Overwhelming by Strong Demand for PET
IVL Reports a 9-Fold Increase in 1Q Earnings, Overwhelming by Strong Demand for PET 
IVL Reports a 9-Fold Increase in 1Q Earnings, Overwhelming by Strong Demand for PET
6 พ.ค. 2564

Indorama Ventures Public Company Limited (IVL) has reported its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

IVL reported an outstanding growth for its 1Q21 earnings, recording a net profit of 6,008 million baht, an increase of 953% from a net profit of 570 million baht in 1Q20. 
 
1Q21 performance was driven by 3 core business segments including Fibers, Combined PET and Integrated Oxides and Derivatives (IOD). Fibers segment made a positive start to 2021 with strong volumes and demand across all three verticals due to recovery in polyester fiber demand. This translated into an overall Fibers Core EBITDA growth of 23% QoQ and 19% YoY, achieving Reported EBITDA of US$85M, due to inventory gains.
 
Combined PET segment achieved core EBITDA of US$260M, growing by 47% QoQ and 35% YoY, driven primarily by demand growth and higher integrated industry spreads on top of the sharp rise in crude oil prices. The segment achieved Reported EBITDA of US$379M largely due to positive impact from adjustments in contracts and inventory.
 
While IOD segment core EBITDA grew 191% QoQ but declined 26% YoY. Reported EBITDA of US$19M due to inventory gains netted off with extraordinary expenses incurred as a result of Polar Vortex.
 
In addition, with a liquidity of around US$2.2Bin Mar21 and operating cash flow of US$201Min 1Q21, IVL is well positioned. During the quarter, net debt reduced by US$148M with improved performance. A net operating debt to equity has improved to 1.17 times from 1.35times a year ago.