Formosa Plastics Group's core companies generate record turnover in 50 years

08-Jan-08

Formosa Plastics Group's (FPG) four core companies : Formosa Plastics Corp., Nan Ya Plastics Corp., Formosa Chemicals and Fiber Corp., and Formosa Petrochemical Corp. have together generated a turnover of NT$1.35 trillion (US$41.49 bln) in 2007. This is the highest turnover recorded in the group's 50-year history, representing 29.69% growth as against last year. The major factors contributing to this growth are high utilization rate of Formosa Petrochemical's naphtha crackers and increasing prices of the groups’ end products in line with by rising global crude oil prices. Formosa Plastics, the world's second largest maker of polyvinyl chloride (PVC), saw revenues rise 34.1% above December 2006 levels to NT$16.95 bln, and by 23.16% for the year to NT$181.61 bln. Nan Ya Plastics saw revenues hike to a historical Dec. high of NT$23 billion, with year-on-year growth of 43.78%. For the year, the company's revenues grew 25.9% to NT$228.7 bln. Formosa Chemicals and Fiber's revenues grew 36.27% year-on-year in December to NT$23.16 bln, pushing revenues for the year to NT$240 bln, 31.88% higher than in 2006. Formosa Petrochemical, Taiwan's only private oil refiner, totaled revenues of NT$79.83 bln in December, 70.95% higher than in Dec. 2006 and NT$12.30 bln higher than November revenues. For the year, Formosa Petrochemical had sales of NT$699.31 bln, 32.05% higher than 2006 levels.