Indorama reports huge rise in profts on gains related to Alabama site purchase

摘要

Indorama Ventures (Bangkok) reports more than an eightfold rise in net profits for the first quarter of 2016 compared with the first quarter of 2015, to 4.17 billion baht ($118 million). First-quarter sales increased 6.5%, to baht57.1 billion. The first quarter has seen improving trading conditions across Indorama's businesses, the company says. The first quarter saw a non-cash inventory devaluation of baht500 million as a result of a rapid fall in prices that was offset by a net extraor- dinary income of baht3.3 billion, primarily from a gain on bargain purchase on Indorama’s acquisition of BP’s Alabama site, the company says. On 31 March, Indorama completed the acquisition of BP’s petrochemical complex at Decatur, AL, which produces purified terephthalic acid (PTA), para- xylene, and naphthalene dicarboxylate. The improved results were despite a shutdown of Indorama’s ethylene oxide and ethylene glycol facility at Clear Lake, TX for nearly the entire quarter to rectify a mechanical problem that occurred while a change of catalyst was under way. The site is operating nor- mally since 15 April.