Indorama Ventures reported weaker demand for apparel and activewear fibres in the third quarter, as higher polyester prices encouraged customers to reduce inventories and switch towards cotton and blends.
Sales volumes in its Lifestyle business fell 15% year on year to 220,000 tonnes, although they recovered 15% from the previous quarter. The company said pressure on volumes and margins was particularly evident in Asia.
It is aligning production with demand, restructuring its manufacturing footprint and developing speciality projects in India to strengthen the business.
Across the broader fibres division, which also serves automotive and hygiene markets, earnings before interest, tax, depreciation and amortisation (EBITDA) fell 51% quarter on quarter to THB924 million, broadly unchanged year on year.
That contrasted with group EBITDA growth of 65% year on year to THB13.7 billion, supported by stronger PET and chemicals earnings.
Group revenue increased 22% to THB133.3 billion during the quarter.
