FPG doubles earnings, despite oil slump

HEDGING BETS:Formosa Plastics Group said it is prepared to expand into more markets with a diverse product range, despite a slow international economic pace

Taipei Times
Date: Jan 12, 2016
By: Ted Chen  /  Staff reporter

Formosa Plastics Group (FPG, 台塑集團), the nation’s largest industrial conglomerate, yesterday said aggregate annual earnings last year by its four main companies grew more than twofold, despite a persistent slump in international oil prices, because the group improved its product mix through differentiation.

As international oil prices continued to drop, the companies managed to raise earnings thanks to favorable foreign exchange movements and rising sales among partners down the supply chain.

Last year, the group’s four major units — Formosa Petrochemical Corp (台塑石化), Formosa Plastics Corp (台灣塑膠), Formosa Chemicals and Fibre Corp (台灣化學纖維) and Nan Ya Plastics Corp (南亞塑膠) — saw their combined net income rise 97.8 percent annually to NT$145.86 billion (US$4.33 billion), with sales dropping 21.9 percent to NT$1.45 trillion.     [FULL  STORY]

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