Indorama Ventures Public Company Limited (IVL) has reported its Q1 2020 consolidated financial statement through the Stock Exchange of Thailand.
The company reported a net profit of 570 million baht in Q1 2020, down 84.61 percent when compared to a net profit of 3,707 million baht in Q1 2019.
The drop in profit mainly due to a decline in sales amid the surge of selling and administrative expenses. From 3,030 million baht, the revenue fell 3 percent YoY to 2,942 million baht, resulted by lower sales of integrated PET.
IVL experienced some early headwind starting late February due to COVID-19 as some of the sites in China, India and Italy were impacted.
IVL has taken proactive steps to reduce the inventories, reduce the capex by US$300 million and will actively manage costs.
