GLOOMY OUTLOOK: The utilization rate at FPCC’s factories reached 90 percent as one of its factories completed maintenance, while Nan Ya benefited from BPA sales
Date: Nov 06, 2019
By: Lisa Wang / Staff reporter
Formosa Plastics Group’s (FPG, 台塑集團) four major subsidiaries yesterday said combinedrevenue last month increased 4 percent month-on-month thanks to higher shipments as some factories resumed production following regular maintenance.
However, weak prices and excessive inventory continued to take a toll on the companies. Overall revenue at the four subsidiaries tumbled 22 percent year-on-year from NT$151.53 billion to NT$117.25 billion (from US$4.99 billion to US$3.86 billion).
Global crude oil prices are likely to extend an uptrend until the end of this year, but the outlook for next year is gloomy, Chinese-language Unique Satellite TV quoted Formosa Petrochemical Co (FPCC, 台塑石化) president Tsao Minh (曹明) as saying.
“Overall market demand does not look good for the first quarter of next year. Crude oil prices are likely to fall [again],” Tsao said. [FULL STORY]