2008-08-15 03:32:00
In the news release, "European Acquisition & Margin Improvement Spurs
Record Net Profit in 6M, 2008 of Baht 1,588 Million" issued on 14 Aug 2008
10:20 GMT, by Indorama Ventures LTD Bloomberg:I8P@GR over PR Newswire, we
are advised by a representative of the company that in the last sentence of
the final paragraph the figure '-8%' should read simply '8%' thus excluding
the minus as originally issued inadvertently. Complete, corrected release
follows:
, /EMWNews/ -- The Polyester demand growth continues from
all regions and on the back of this industry fundamental, IVL continues its
strategy to carve for its self a leadership position in the Polyester value
chain consisting of PTA, Polyester and PET. In line with its vision to be a
leading industry participant, IVL is in discussions to combine its business
with Europe's largest Polyester group 'La Seda de Barcelona' listed on the
Spanish stock exchange. Mr S.P. Lohia, stated:
"The business combination of Indorama and La Seda will create a world
class company in this otherwise fragmented industry where the cost of
petrochemical feedstock has eroded the margins to an uncomfortable level,
and only with differentiation, scale and efficiency will companies be able
deliver an adequate return on capital." Mr Lohia further stated that
"Indorama's strength in operations management and its differentiated asset
quality together with the scale and product portfolio that La Seda can
contribute has the potential to create a sustainable and strong enterprise
that will go on to serve its stakeholders in a rewarding and above average
manner".
IVL subsidiary Indorama Polymers PCL (IRP) demonstrated stellar results
in the high growth business of PET polymers and proved its ability to lead
a global organization built on both low cost acquisitions of previously
under-performing assets as well as its competitive organic expansions which
helped the company to increase its business margin in the year 2008.
Sales volumes in 1st half 2008 were higher by 58%, revenues by 78% and
net profits by 210%. The high growth is a result of successful completion
of growth initiatives including the recent acquisitions in Europe and
management focus on efficient operations and cost optimization.
IRP reported record revenues of $ 593.4 million (Baht 19,215 million)
vis-a-vis $ 332.8 million (Baht 11,697 million) in 6M, 2007 resulting from
sales volume growth of 58%. The consolidated net profit after tax of $ 49.0
million (Baht 1,588 million) vis-a-vis $ 15.8 million (Baht 509 million) in
6M, 2007 resulting from higher margins and a value gain of $ 28.7 million
(Baht 930 million) from the low cost acquisition of assets in Europe.
IRP 1st half results were well supported by record quarterly revenues
of $ 373.8 million (Baht 12,085 million) vis-a-vis $ 172.5 million (Baht
5,994 million) in Q2, 2007 resulting from sales volume growth of 90%. The
quarterly consolidated net profit after tax of $ 13.3 million (Baht 429
million) vis-a-vis $ 9.8 million (Baht 302 million) in 6M, 2007 resulting
from higher margins.
IVL is delighted with IRP 1st half results in the context of the
current global market conditions and congratulates the management for its
vision and:
- Ability to improve spreads and pass through cost push resulting from
record high crude prices in Q2, 2008
- To successfully grow through well thought out acquisitions as well as
setting up Greenfield and Brownfield expansions that differentiate the
group from its peers. The IRP groups next differentiation is expected
from the startup of its Co-located PET facility in Alabama, USA in 2009
which will employ the latest state of art MTR technology
- Increase market share and achieve sales volume growth of 58% during a
period of lower GDP growth raising IRP current ranking to 4th in the
world.
IVL is a privately held company incorporated in Thailand. IVL has
substantial interests in the Polyester value chain consisting of PTA, PET
and Polyester company's. IVL does not publish its financial information to
the public but only of its listed subsidiary - IRP.
IRP ( http://www.indoramapolymers.com ) is a listed entity on the Stock
exchange of Thailand with global operations and is the worlds 4th largest
producer of PET, a packaging material used in beverages and food and
growing at a healthy rate of 8%.
For further information, please visit our website
http://www.indorama.net
------
European Acquisition & Margin Improvement Spurs Record Net Profit in
6M, 2008 of Baht 1,588 Million
BANGKOK, August 14 /EMWNews/ -- The Polyester demand
growth continues from all regions and on the back of this industry
fundamental, IVL continues its strategy to carve for its self a leadership
position in the Polyester value chain consisting of PTA, Polyester and PET.
In line with its vision to be a leading industry participant, IVL is in
discussions to combine its business with Europe's largest Polyester group
'La Seda de Barcelona' listed on the Spanish stock exchange. Mr S.P. Lohia,
stated:
"The business combination of Indorama and La Seda will create a world
class company in this otherwise fragmented industry where the cost of
petrochemical feedstock has eroded the margins to an uncomfortable level,
and only with differentiation, scale and efficiency will companies be able
deliver an adequate return on capital." Mr Lohia further stated that
"Indorama's strength in operations management and its differentiated asset
quality together with the scale and product portfolio that La Seda can
contribute has the potential to create a sustainable and strong enterprise
that will go on to serve its stakeholders in a rewarding and above average
manner".
IVL subsidiary Indorama Polymers PCL (IRP) demonstrated stellar results
in the high growth business of PET polymers and proved its ability to lead
a global organization built on both low cost acquisitions of previously
under-performing assets as well as its competitive organic expansions which
helped the company to increase its business margin in the year 2008.
Sales volumes in 1st half 2008 were higher by 58%, revenues by 78% and
net profits by 210%. The high growth is a result of successful completion
of growth initiatives including the recent acquisitions in Europe and
management focus on efficient operations and cost optimization.
IRP reported record revenues of $ 593.4 million (Baht 19,215 million)
vis-a-vis $ 332.8 million (Baht 11,697 million) in 6M, 2007 resulting from
sales volume growth of 58%. The consolidated net profit after tax of $ 49.0
million (Baht 1,588 million) vis-a-vis $ 15.8 million (Baht 509 million) in
6M, 2007 resulting from higher margins and a value gain of $ 28.7 million
(Baht 930 million) from the low cost acquisition of assets in Europe.
IRP 1st half results were well supported by record quarterly revenues
of $ 373.8 million (Baht 12,085 million) vis-a-vis $ 172.5 million (Baht
5,994 million) in Q2, 2007 resulting from sales volume growth of 90%. The
quarterly consolidated net profit after tax of $ 13.3 million (Baht 429
million) vis-a-vis $ 9.8 million (Baht 302 million) in 6M, 2007 resulting
from higher margins.
IVL is delighted with IRP 1st half results in the context of the
current global market conditions and congratulates the management for its
vision and:
- Ability to improve spreads and pass through cost push resulting from
record high crude prices in Q2, 2008
- To successfully grow through well thought out acquisitions as well as
setting up Greenfield and Brownfield expansions that differentiate the
group from its peers. The IRP groups next differentiation is expected
from the startup of its Co-located PET facility in Alabama, USA in 2009
which will employ the latest state of art MTR technology
- Increase market share and achieve sales volume growth of 58% during a
period of lower GDP growth raising IRP current ranking to 4th in the
world.
IVL is a privately held company incorporated in Thailand. IVL has
substantial interests in the Polyester value chain consisting of PTA, PET
and Polyester company's. IVL does not publish its financial information to
the public but only of its listed subsidiary - IRP.
IRP ( http://www.indoramapolymers.com ) is a listed entity on the Stock
exchange of Thailand with global operations and is the worlds 4th largest
producer of PET, a packaging material used in beverages and food and
growing at a healthy rate of -8%.
For further information, please visit our website
http://www.indorama.net
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