FPG units report lower sales for July

MIXED REPORT:FPCC,  Nan Ya Plastics, FPC and Formosa Chemicals & Fibre said revenue fell when compared with July last year, yet all but FPC saw it rise over June

Taipei Times
Date: Aug 07, 2019
By: Kwan Shin-han  /  Staff reporter

From left, Formosa Plastics Corp chairman Jason Lin, Nan Ya Plastics Corp chairman Wu Chia-chau, Formosa Chemicals & Fibre Corp vice chairman Hong Fu-yuan and Formosa Petrochemical Corp president Tsao Minh take part in an investors’ conference in Taipei yesterday.
Photo: Chang Hui-wen, Taipei Times

Formosa Plastics Group’s (FPG, 台塑集團) four major subsidiaries yesterday reported lower sales for last month as a result of falling prices and declining demand.

Formosa Petrochemical Corp (FPCC, 台塑石化) saw shipments of refined petroleum products increase 1,135 barrels from a year earlier, but its revenue still declined 9.02 percent annually to NT$57.07 billion (US$1.81 billion) although it was up 3.11 percent from June, as crude oil prices remained low, FPCC president Tsao Minh (曹明) told a media briefing in Taipei.

Revenue for this quarter is expected to be better than last quarter on the back of increasing demand for both oil and olefin products ahead of holiday seasons and the steady spreads of oil products, Tsao said.

Nan Ya Plastics Corp’s (南亞塑膠) revenue dropped 13.6 percent year-on-year to NT$24.56 billion, as the prices of two of its main chemical products plunged, with ethylene glycol down 40.5 percent and bisphenol-A down 38 percent, Nan Ya chairman Wu Chia-chau (吳嘉昭) said.    [FULL  STORY]

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