Indorama posts 63% jump in full-year EBITDA

26 February 2008 08:28  [Source: ICIS news]

SINGAPORE (ICIS News)--Thailand’s Indorama Polymers has posted a 63% jump in full-year EBITDA (earnings before interest, tax, depreciation and amortisation) for 2007 to baht Bt2.07bn ($67.3m), due to the strengthening currency, increased sales volumes and utilisation of capacities, it said.

 

The petrochemicals firm also reported a 36.8% increase in net profits after tax to Bt1.07bn year on year and a rise in total revenues from Bt11.9bn to Bt25.6bn on the back of strong sales volumes for the period ending 31 December, it added late on Monday.

 

However, Indorama saw a sharp rise in logistic costs and monoethylene glycol (MEG) feedstock prices due to tight MEG supply following an explosion at a supplier’s plant.

 

The company expected MEG prices to correct and stabilise when the plant resumed operations in the first quarter of 2008.

 

Going forward, the group had plans for new expansion projects and a company acquisition, it said.  

 

Indorama’s Asia Pet in Lopburi was expected to increase its amorphous polyethylene terephthalate (APET) capacity to 180,000 tonnes/year in the second quarter of 2008, up 60% from its 2006 capacity, the company said.

 

Indorama’s AlphaPET also planned to start up a 432,000 tonne/year PET polymer plant in the US, the largest in the country, by the first quarter of 2009, it added.

 

In March 2008, Indonesia Polymers Europe - Indorama’s Lithuania-based firm - and its subsidiaries planned to acquire two PET plants with a combined capacity of 355,000 tonnes/year in the Netherlands and the UK from Eastman Chemicals, it was earlier reported on ICIS news. 

  

($1 = Bt30.77)

By: Serene Cheong
+65 6780 4359

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