BANGKOK (Nov. 16, 1:10 p.m. ET) — Despite global economic uncertainty, Indorama Ventures Public Co. Ltd. (IVL) is reporting a $2.1 billion increase in pro-forma yearly sales, up 38 percent from the previous 12 months.
IVL added that it has significant projects underway that will kick in incrementally over the next 36 months.
“In line with the affordable nature of polyester and its application in daily consumer staples (food, beverage and clothing), all the business segments of IVL has seen resilient demand in all geographies and therefore all the manufacturing sites of IVL achieve high utilization rates and our scale allows for low operating cost,” said Group CEO Aloke Lohia.
“We expect to benefit from favorable geographical mix in key regions where we have attained market leadership and consolidation. Our investments in innovation or value added product lines are already contributing to earnings and are expected to gain traction going forward,” he said.
IVL said it has come through well for the first nine months of this year, with a net profit of US$562 million (CNY3.67 billion), a hefty increase of 181 percent year-on-year.
Sales for January-September 2011 surged by 143 percent to US$3.3 billion (CNY21 billion), according to IVL.
The increases come despite the euro zone debt crisis and disasters in the company's major markets.
IVL increased its production volume by 40 percent year-on-year to 3.3 million tons for the past three fiscal quarters. It said production contribution came from integration of acquired businesses.
The increase in volume had offset losses from the tornados hit Alphapet plant in Alabama and breakdown of production line at polyester factory in Rayong, south of Bangkok, said IVL.
IVL said it has insured its Lopburi factory against all losses from Thailand floods. The factory had stopped production from Sept. 23, according to IVL.