Formosa Plastics Group reports mixed revenues for the quarter

09-Oct-13

The Formosa Plastics Group’s four major companies on Monday reported mixed revenues last quarter, with Formosa Petrochemical Corp and Nan Ya Plastics Corp registering increases, while Formosa Plastics Corp and Formosa Chemicals & Fibre Corp saw decreases. The main reason behind the increases was fewer number of oil refinery facilities that went under maintenance last quarter compared with the same quarter last year, as per Taipei Times. Formosa Petrochemical, the nation’s only listed oil refiner, reported revenue of NT$235.79 bln (US$7.98 bln), up 17.61% from NT$200.48 bln the previous quarter and 10.62% from NT$213.13 billion a year ago, the company said in a filing to the Taiwan Stock Exchange. Market sentiment in petrochemicals was low both this year and a year ago, but sales of its petrochemical products still registered annual and quarterly increases. Nan Ya Plastics, the nation’s largest plastics maker, saw revenue increase 11.18% to NT$82.31 bln from NT$74.03 bln a quarter ago due to higher utilization rates and improved market sentiment, the company said in a stock exchange filing. The figure last quarter was also 9.67% higher than the NT$75.05 bln it reported a year ago. Nan Ya Plastics chairman Wu Chia-chau said the company’s ethylene glycol factory was closed for maintenance and sales of petrochemical products were affected by low market sentiment in the second quarter. Wu said he remained cautious about prospects this quarter, with utilization rates likely remaining high, but sales may drop compared with this quarter — the peak season for the company. Formosa Plastics, the nation’s largest producer of polyvinyl chloride, registered revenue of NT$53.14 bln, down 5.6% from NT$56.29 billion a quarter ago, - 10.55% higher than NT$48.07 bln a year ago. Formosa Chemicals & Fibre, which produces aromatics and styrenics, saw its revenue drop 0.88% to NT$111.99 bln from NT$112.98 bln a quarter ago. However, it was up 22.77% from NT$91.22 billion a year ago.