CORONAVIRUS WOES: Nan Ya Plastics was the only one of the four main units to post a profit due to its circuit board business seeing growing demand due to 5G deployments
Date: Apr 11, 2020
By: Natasha Li / Staff reporter
The four major subsidiaries of Formosa Plastics Group (FPG, 台塑集團), the nation’s largest industrial conglomerate, yesterday posted combined losses of NT$13.99 billion (US$464.74 million) for last quarter, marking the group’s worst financial performance in five years.
Formosa Petrochemical Corp (台塑石化), the largest of the group’s four listed companies, reported a loss of NT$9.99 billion for last quarter, or losses per share of NT$1.05.
The company blamed plummeting crude oil prices and weakening demand amid the COVID-19 pandemic, as prices of its naphtha and alkene products fell, dealing a heavy blow to its oil refining business.
An inventory loss of NT$5.26 billion also added to last quarter’s poor performance.