Thailand’s IVL swings to Q1 year-on-year net loss on planned turnarounds

SINGAPORE (ICIS)–Thailand’s Indorama Ventures Limited (IVL) swung to a net loss of $39 million in Q1 on a year-on-year basis, official data showed on Friday.

in $ million	Q1 2025	Q1 2024	% change
Revenue	3,487	3,812	-9
Adjusted EBITDA	276	396	-30
Net profit	-39	32	–

Production volumes declined in Q1, reflecting reduced output due to scheduled turnarounds at two Intermediate Chemicals facilities and weather-related disruptions from the US winter freeze, IVL said in a statement.

Lower ocean freight rates and higher energy costs also contributed to lost profits, IVL said.

There was a significant decline in ocean freight rates during the quarter, which lowered import parity levels and, in turn, weighed on product margins across the portfolio.

Total production fell by 5% quarter on quarter (QoQ) and 6% year on year (YoY) to 3.27m tonnes, while sales volumes slipped by 4% QoQ and 8% YoY to 3.24m tonnes.

The combined polyethylene terephthalate (CPET) with Intermediate Chemicals sector delivered adjusted earnings before interest, taxes, depreciation and amortization of $126 million for the first quarter, a 50% drop year on year from the same period in 2024.

$94 million was used in growth capital expenditure (capex) towards recycling projects, residual capex related to the Mocksville site and others.

IVL’s 2025 refinancing plan is on track, it said, with a focus on extending out debt maturity and securing lower spreads.

The long-term strategy for the company includes three core priorities: namely, forging strategic partnerships, driving expansion in high-growth markets such as India and Africa, and maintaining financial discipline through deleveraging and targeted capital allocation.

IVL said cross-border exposure is limited as the majority of their products are consumed within the same country they are produced, mitigating risk and economic uncertainty.

The acquisition of a 24.9% stake in India-listed specialty packaging firm EPL is expected to be completed by the end of Q2 2025, IVL said.