ANNUAL SLOWDOWN:The utilization rate of Formosa Petrochemical’s olefin plants stood at 79 percent last quarter, compared with 99 percent in the second quarter
Date: Oct 12, 2016
By: Kuo Chia-erh / Staff reporter
Formosa Plastics Group (台塑集團), the nation’s largest industrial conglomerate, saw its overall revenues and profits decline last quarter from three months earlier, as a major unit went through annual maintenance, resulting in lowered capacity.
The group’s revenues totaled NT$319.4 billion (US$10.1 billion) during the July-to-September period, down 4.7 percent from the previous quarter, Formosa Plastics Group data showed.
Net income decreased 10.9 percent from the previous quarter to NT$51.4 billion.
The decline came mainly because Formosa Petrochemical Corp (台塑石化) registered declines on a quarterly basis, more than offsetting increased profits at three other units. [FULL STORY]