leading to margin increase in all commodity products, supporting the increase in crude oil prices. All of this is translating into stronger than anticipated earnings in first half 2021. Transformation
earnings Indorama Ventures 2nd Quarter 2018 MD&A 20 Table 10: Joint Ventures Performance Quarterly Last Twelve Months $m 2Q18 1Q18 2Q17 2Q18 YoY LTM 2Q18 LTM 2Q17 LTM YoY Joint Ventures Income /(Loss) 7 (1
million (THB 8.4 billion), -7% YoY, Core EBITDA margin 10% Core Net profit after tax of $128 million (THB 4.0 billion), -27% YoY Core Earnings Per Share of THB 0.67, -32% YoY Operating Cash Flow of
of $304 million (THB 9.6 billion), -7% YoY, Core EBITDA margin 10% Core Net profit after tax of $128 million (THB 4.0 billion), -27% YoY Core Earnings Per Share of THB 0.67, -32% YoY Operating
Quarter 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 3rd Quarter 2018 Milestone Revenues and Earnings, Structural Improvements, Enhanced Portfolio and Geographic Reach
+/(-) (THB million) YoY 12M Operating Revenue 283 207 (27%) 1,194 768 (36%) Cost of sales (102) (80) (22%) (421) (300) (29%) Gross Profit 181 127 (30%) 773 468 (39%) Other Income 3 3 0% 8 5 (38%) Selling and
6661 Fax: +662 661 6664 Indorama Ventures 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis For the year ended December 31, 2018 Milestone Revenues and Earnings
effect. Normalized Net Income clearly reflects the company's true earnings from its normal operations. In Q2/2019, the company had a NNP of Baht 1,217 million. Normalized Net Income PAGE 9PAGE 9 MANAGEMENT
seasonality trend of the third quarter of every year, and increased by Baht 3,686 million or 269% from Q3/2018 after the acquisition of GLOW. The adjusted net income was at Baht 1,542 million which reflects the
incurred from the acquisition of GLOW. However, the net profit of the company excluding amortization of the difference between fair value and book value of the net assets of GLOW (Adjusted Net Income