IVL’s 3Q Profit Plunges 52% to ฿380Mn due to Revenue Contraction

IVL’s 3Q Profit Plunges 52% to ฿380Mn due to Revenue Contraction

Indorama Ventures Public Company Limited (IVL) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

 

IVL reported a net profit of 380 million baht in 3Q20, decreasing 52% YoY mainly due to a decrease of 9% in consolidated revenue from a year ago.

IVL achieved a core EBITDA of US$251 million (adjusted for management estimates of natural calamities of Lightning strike and Hurricane Laura which led to a Core EBITDA loss of US$52 million). and also booked a property damage loss of US$8 million at Lake Charles due to Lightning which is shown as an extraordinary item in the analysis.

 

All losses due to Hurricane Laura and Lightning strike are already accounted for in 3Q20 and rest are all recoverable under comprehensive property damage and loss of profit insurance.

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