Indorama Ventures reported a core net profit of $82 million in the April-June quarter, increasing from $50 million in the previous quarter. This translates to core earnings of THB0.43/share up from THB0.25/share in the first quarter of 2020. The company registered an operating cash flow of $300 million and a core EBITDA of $305 million.
The world’s polyethylene terephthalate producer said PET demand was strong in the quarter, but low oil prices hurt margins for ethylene glycol and MTBE. Indorama said results had been adversely affected by lockdowns in many countries aimed to contain the spread of COVID-19. However, the company expected demand to improve as some economies began to reopen.
