Formosa Plastics Group posts NT$105.7bn revenue

7 September 2016

The four major units of Formosa Plastics Group (????), the nation’s largest industrial conglomerate, yesterday reported combined revenue of NT$105.7 billion (US$3.36 billion) for last month, a 5.2 percent decrease from July and a 4 percent drop from the same period last year.

The four units are Formosa Petrochemical Corp (????); Formosa Plastics Corp (????); Formosa Chemicals and Fibre Corp (??????) and Nan Ya Plastics Corp (????).

In the first eight months of the year, the group saw its combined revenue decrease 13.6 percent from the same period last year to NT$860.8 billion, company data showed.

On a monthly basis, the only unit to report an increase in sales was Nan Ya Plastics Corp, the plastic manufacturing arm of the group.

The company yesterday posted revenue of NT$23.2 billion for last month, up by 2.1 percent from July and 0.6 percent from the same period last year.

“The increase in revenue was the result of steady demand for electronics materials and polyester products,” Nan Ya Plastics chairman Wu Chia-chau (???) said, adding that only the sales of petrochemicals decreased last month.

Formosa Petrochemical, the nation’s only privately owned oil refiner, posted revenue of NT$41.7 billion for last month, a decrease of 9.1 percent from July and 10 percent year-on-year.

“Our olefin factories were undergoing scheduled maintenance last month, which depressed production volume, “ Formosa Petrochemical president Tsao Mihn (??) told a news conference.

Formosa Chemicals, a supplier of aromatics and styrene, reported sales lof NT$26.5 billion, down 5.1 percent from July, but up 3.5 percent on a yearly basis.

A plant based in Ningbo was shut down temporarily due to the G20 summit, which impacted the company’s sales, Formosa Chemicals president Hong Fu-yuan (???) told reporters.

Formosa Plastics Corp, the nation’s largest producer of polyvinyl chloride, reported a 4 percent monthly decline in revenue to NT$14.2 billion last month, representing a 5.7 percent annual decline.


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