Formosa Plastics Corp’s revenues growth highest among four major units of Formosa Plastics Group

12-Jun-13

Formosa Plastics Corp., Taiwan’s largest producer of polyvinyl chloride, reported that revenues grew 28.36% last month from a year ago, the highest among the four major units of Formosa Plastics Group, amid rising sales volumes, as per Taipei times. Formosa Plastics Corp, the group’s flagship company, registered revenue of NT$19.98 billion (US$669.96 million) last month, according to a filing to the Taiwan Stock Exchange. Last month’s figure was 11.33 percent higher than the previous month. “We benefited mostly from an increase in sales volume last month. Our clients started increasing their orders as product prices showed signs of bottoming out,” an official at the company, who declined to be named, said by telephone. The official said the high year-on-year revenue increase was also caused by a low base the previous year, when the Ministry of Economic Affairs demanded that the company stop work at its factories for safety inspections. The company is likely to report higher revenue this quarter than a quarter ago because of more working days, and the revenue this quarter would be higher than a year ago because the base level last year was low, he said. Last month, revenue at Nan Ya Plastics Corp, the nation’s largest plastics maker, rose 6.05% to NT$25.82 bln, from NT$24.35 bln a year ago, and 3.05% from NT$25.06 bln the previous month. The company forecast that the company’s sales this quarter would remain the same or decline slightly from the previous quarter because of annual maintenance work at its ethylene glycol factory. Formosa Chemicals & Fibre Corp, which produces aromatics and styrenics, registered revenue of NT$38.73 bln last month, up 13.49% from NT$34.13 billion a year ago and 4.34% from NT$37.12 biln in April, according to a filing to the Taiwan Stock Exchange.