SOFT OUTLOOK:After seeing profits rise in the first half, Formosa Plastics Group said earnings could weaken in the second half on maintenance and higher ethylene prices

Taipei Times
Date: Jul 12, 2016
By: Kuo Chia-erh / Staff reporter

The four major units of Formosa Plastics Group (FPG, 台塑集團), the nation’s largest industrial conglomerate, yesterday said aggregate profits for the first half of the year increased, despite a decline in revenue.

The four — Formosa Plastics Corp (台灣塑膠), Formosa Petrochemical Corp (台塑石化), Nan Ya Plastics Corp (南亞塑膠) and Formosa Chemicals and Fibre Corp (台灣化學纖維) — reported a combined revenue of NT$643.79 billion (US$19.98 billion) in the first six months, down 16.5 percent annually, but pre-tax earnings rose to NT$104.01 billion, 14.8 percent higher than the same period last year, company data showed.

On a quarterly basis, the second quarter saw significantly improved profits compared with three months earlier. Revenue totaled NT$335.27 billion for last quarter, rising 8.7 percent from the first quarter, while pre-tax profit reached NT$69.39 billion, more than double the previous quarter’s level.     [FULL  STORY]