Indorama Ventures Public Company Limited (IVL), the world’s leading vertically integrated polyester value chain producer, saw total revenues of THB 125.7 billion ($3.9 billion) in the first half of 2014, an impressive 12% rise over the same period in 2013, with core EBITDA growing 44% to THB 10.2 billion ($317 million). Net profit correspondingly grew by 163% to THB 1.8 billion ($56 million) over 2013.

The company reported the Chinese PTA overcapacity continues to depress its feedstock segment but it is optimistic that the bottom has been reached with most producers operating at below cost over last two years, which has led to industry restructuring and better producer discipline.

“2014 has been positive for all segments of the business and especially our focus on the high value add (HVA) products continued to gain traction and are now contributing to about 40% of our core EBITDA,” says Aloke Lohia, group CEO.

The successful closure at the end of April 2014 of the deal to acquire PHP Fibers, a leading global nylon 66 air bag yarn supplier, is the first maiden entry of IVL into the airbag and tire cord business. The company has also now started its PET packaging business in the Philippines after successful entry into Nigeria and continues to develop this segment in under-served markets with high growth potential.

“The resultant strong generation of operating cash flow of THB 12.9 billion ($400 million) in the first half of 2014 is testament to the strength of the groups global footprint and its diversified sources of revenue while remaining focused in an industry that our management is passionate about,” says Lohia.