Formosa posts 35% rise in Q4 profits

Propped by increased output from a new plant, Taiwan's biggest ethylene producer- Formosa Petrochemical Corp. has posted a 35% gain in Q4 profit. Net income climbed to NT$18.2 bln (US$593 mln) in the three months ended Dec. 31, from NT$13.5 bln a year ago. Formosa commenced production at its third ethylene plant in May, boosting annual capacity by almost 70% to 2.94 mln tons. Q4 sales surged 65% from a year ago levels to NT$217.8 bln.
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