Strong quarter for Indorama despite Texas problems
20/05/2016
A plant in Texas that produces key raw materials for polyester fibre manufacture was closed for most of the period owing to what Indorama called “unplanned maintenance”. It began operating again on April 15.
Chief executive, Aloke Lohia, said on announcing the results: “I am very pleased to see that we were able to outperform expectations even though a key plant in Texas was closed for most of the quarter. Our portfolio will see an even higher boost in the second quarter of 2016 with addition of assets in Spain.”
Indorama acquired a polymer-making subsidiary of Spanish oil and chemicals group Cepsa at the end of 2015. The factory, near Cádiz, makes polyethylene terephthalate (PET) and purified terephthalic acid (PTA).
Another positive sign that Indorama pointed to is that its Asian production of PTA, which had suffered from several years of oversupply, has shown what it called “positive signs of recovery”.
In general, Indorama’s fibres business increased its revenues for the quarter by 21% year on year.
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