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Indorama Reports Huge Fall in First-Quarter Profits

2:58 AM MDT | May 11, 2012 | Deepti Ramesh

Indorama Ventures (Bangkok) reported an 85% fall in net profits for the first quarter ended March 31, 2012, compared with the year-ago period, to $55 million. First-quarter sales increased 27.7%, to $1.69 billion. The year 2012 has started with only a moderate recovery over the all time low for the company in the fourth quarter of 2011, Indorama says. Indorama reported a net loss of $51 million and sales of $1.39 billion in the fourth quarter of 2011. Indorama’s polyethylene terephthalate (PET) business reported a 29% increase in first-quarter sales...

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