Formosa Plastics posts 55% raise in Q4 profits

Output increase has boosted Q4 profits at Taiwan's largest polyvinyl chloride (PVC) maker Formosa Plastics Corp, by 55%. Output was increased to meet rising demand from Asia, including China for construction materials, handbags and toys. Other factors affecting profitability have been higher product prices and reduction in output in China due to electricity shortage. Average prices for PVC saw a 16% hike from year ago levels in East Asia in the quarter. Net income rose to NT$11.02 bln (US$363 mln), from NT$7.09 bln a year ago- the figure has been derived by deducting nine-month profit from full-year earnings. Q4 sales rose by 34% from a year ago levels to NT$49.4 bln.
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