Formosa's net profit for 2008 plunges by 78%

Formosa Petrochemical Corp.'s net profits for the year ended December 2008 have fallen by 78%, to NT$15.19 bln down from last years record profits of NT$69.61 bln.. Revenue rose 25% to a record NT$875.57 bln. Deteriorating demand for refined oil products and inventory write-downs in the fourth quarter could be the possible triggers for the fall.
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