Four units of Formosa see a decline in combined sales for May

06-Jun-11
Four units of Formosa Plastics Group's have seen a decline in their combined sales for May, largely because of production suspension in several plants at the group's complex in Mailiao, following two fires during the month, as per ACN. The two fires took place in the group's Mailiao complex on May 12 and May 18 respectively, prompting an immediate halt to production in the affected plants as officials investigated the cause of the fires. In addition, the companies have attributed the fall in sales for May to slowing demand from China, which reflected mainland authorities' constant measures to tighten liquidity to combat inflation. In early June, Yunlin County ordered a phased closure of five of the complex's plants in two months due to safety concerns. The combined revenue of Formosa Plastics Corp., Nan Ya Plastics Corp., Formosa Chemicals and Fibre Corp. and Formosa Petrochemical Corp. fell 10.8% in May from a month ago to NT$126.5 bln (US$4.4 bln).
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