Indorama reports fall in quarterly profits

Indorama Ventures (Bangkok) recorded a 64% fall in net profits for the third quarter of 2012 compared with the year-ago period, to $50 million. Third-quarter sales increased 0.5%, to $1.69 billion. Earnings were primarily impacted by significantly weak margins in the company’s Asian business across the value chain of purified terephthalic acid (PTA), polyethylene terephthalate (PET), and polyester as a result of the continuing slowdown in China and the oversupply of PTA in Asia, Indorama says. The ethylene glycol business and the North American PET and...

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