Petrochemicals demand boosts FPG

YEAR-END BONUS:About 30,000 FPG employees are expected to be paid bonuses equal to six times their monthly salary this year, as company earnings remained high

Taipei Times
Date: Jan 10, 2017
By: Kuo Chia-erh / Staff reporter

Formosa Plastics Group (FPG, 台塑集團), the nation’s largest industrial conglomerate, yesterday said net profits of its four main companies grew 46.8 percent last year from the previous year, on the back of robust demand for petrochemical products.

The group’s four major units — Formosa Petrochemical Corp (FPCC, 台塑石化), Formosa Plastics Corp (台灣塑膠), Formosa Chemicals and Fibre Corp (台灣化學纖維) and Nan Ya Plastics Corp (南亞塑膠) — last year saw their combined net income reach NT$207.7 billion (US$6.5 billion), with total sales dropping 8.9 percent to NT$1.32 trillion from the previous year.

FPCC, the nation’s only listed oil refiner, posted the highest earnings growth among the four major units.

The oil refiner reported a 60.1 percent year-on-year rise in net profits of NT$75.7 billion, while sales dropped 13.2 percent annually to NT$546.1 billion.    [FULL  STORY]

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