By: Pan Yi-ching and Frances Huang
Taipei, Oct. 8 (CNA) The four major subsidiaries of the Formosa Plastics Group (FPG) saw their combined net profit for the third quarter of this year plunging more than 36 percent from a year earlier, the four companies said Tuesday.
The fall was due to falling product prices at a time of weakening global demand caused by trade friction between the United States and China, the companies said.
The combined net profit of the four units — Formosa Plastics Corp., Nan Ya Plastics Corp., Formosa Chemicals & Fibre Corp. and Formosa Petrochemical Corp. — totaled NT$48.85 billion (US$1.58 billion), down 36.5 percent from a year earlier.
On a quarter-on-quarter basis, however, the combined profit rose 62.7 percent in the third quarter, largely on the back of income of cash dividends from their equity investments. [FULL STORY]