Indorama Reports Huge Fall in First-Quarter Profits

Indorama Ventures (Bangkok) reported an 85% fall in net profits for the first quarter of 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 fourth quarter of 2011, which was an “all-time low” for Indorama, the company says. Indorama reported a net loss of $51 million and sales of $1.39 billion in the fourth quarter. Indorama’s polyethylene terephthalate (PET) business reported a 29% increase in first-quarter sales compared...

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