Net profit at Formosa Petrochemical Corp soars more than threefold

Taiwan’s largest petrochemical conglomerate- Formosa Petrochemical Corp has announced that its net profit soared more than threefold to NT$10.97 bln in Q1-10 from NT$2.66 bln in Q1-09. Revenue for the quarter grew 67.2% year on year to NT$198.27 bln, and its operating profit rose 21.6% year on year to NT$11.9 bln. In 2009, the firm's net profit was NT$39.19 bln, 158% more than the NT$15.19 bln it recorded for 2008, while its revenue fell 27.6% from NT$875.57 bln in 2008 to NT$875.57 bln last year, according to an earlier report from China Knowledge.