Operating cash flows were at $491 million, and the net operating debt to equity ratio was reported at 0.95 times. The company’s reported earnings per share (EPS) for the quarter was Thai baht (THB) 0.04, Indorama Ventures said in a press release.
Thailand-based company Indorama Ventures reported a revenue of $4 billion in Q2 FY23, down 1 per cent QoQ and 27 per cent YoY, and EBITDA was $321 million, up 7 per cent QoQ but down 68 per cent YoY.
The company’s fibres division saw a 37 per cent QoQ decline.
IVL also signed an MOU with Carbios for the world’s first PET bio-recycling plant in France.
The fibres division saw reported EBITDA of $20 million in Q1 FY23, including an inventory loss of $9 million. This represents a decline of 37 per cent QoQ and a 70 per cent decrease YoY. Though there was a sequential increase in volumes of 3 per cent QoQ, driven by lifestyle fibres, volumes were lower by 7 per cent YoY.
In a significant development, IVL signed a non-binding memorandum of understanding (MOU) with Carbios, a French biotech company renowned for developing biological solutions to reinvent the lifecycle of plastics and textiles. The collaboration aims to form a joint venture for the construction of the world’s first polyethylene terephthalate (PET) bio-recycling plant. The facility will be located in France.
Fibre2Fashion News Desk (DP)