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Thailand-based chemicals supplier Indorama Ventures Public Company Limited (IVL) announced 24% Year on Year (YoY) growth of volume and 25% increase in sales revenues in first quarter 2017.

The company reported volume growth in all geographic areas. Overall operating rate remained at 86% over the previous 12 months in 2017 first quarter, enabled margin expansion and better asset utilization. Core EBITDA for the company grew by 60% to THB 7.681 billion.

"We had a strong start to 2017 with 1Q17 performing very well on all of its key performance indicators. Through a unique integrated business model and growth in our HVA portfolio, we continue to outperform and deliver industry-leading performance despite continuing Industry over-capacity. Our robust earnings and significant EBITDA growth in the quarter and last 12 months is a reflection of the successful deployment of our focused strategies of earning diversification, growth in key geographies and value-enhancing integration," commented Aloke Lohia, Group CEO of IVL.

Over the past 5 years or so, IVL has invested substantially in creating a diversified earnings stream via its HVA portfolio. Diversification into HVA, which now accounts for 50% of overall core EBITDA, has enabled the company to deliver robust earnings on a sustained basis.

IVL is committed to investing around $1.2 billion on identified growth and maintenance-related projects over the next 2 years. Additionally, and during the same period, the company believes that there will be financial headroom for further investments based on its projections of internal cash accruals and prudent borrowing capacity.

"We look forward to another year of disciplined growth. PTA expansion in Rotterdam in mid-2017 and startup of US gas Cracker by end 2017 would not only provide strategic integration but are expected to further improve the quality and sustainable growth of earnings of IVL," Lohia concluded.

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