11-Jan-17 Formosa Plastics Group (FPG), Taiwan's largest industrial conglomerate, has announced an increase in net profits of its four main companies by 46.8% last year from the previous year, on the back of robust demand for petrochemical products, as per www.taipeitimes.com. The group’s four major units — Formosa Petrochemical Corp, Formosa Plastics Corp, Formosa Chemicals and Fibre Corp and Nan Ya Plastics Corp saw their combined net income reach NT$207.7 bln (US$6.5 bln), with total sales dropping 8.9% to NT$1.32 trillion from the previous year. About 30,000 FPG employees are expected to be paid bonuses equal to six times their monthly salary this year, as company earnings remained high.
Commenting on its sales outlook for this year, Formosa Plastics chairman Jason Lin said that he expects sales momentum to pick up after the Lunar New Year holiday lull, due to improving utilization rates. Formosa Plastics, the group’s flagship company, is targeting an average utilization rate of 90% for this year, compared with last year’s 87%, Lin told reporters. “The pace of recovery in the global economy remains stable and we hope to expand into the Indian and African market’s this year,” he added.
Formosa Plastics, the nation’s largest producer of polyvinyl chloride, reported a 27.1% annual increase in net income last year to NT$39.3 bln while sales declined 5.9% annually to NT$180.2 bln.
Formosa Chemicals, which produces aromatics and styrenics, reported a net profit of NT$43.9 bln, representing a 59.1% year-on-year increase, while aggregate sales declined 3.1% to NT$319.2 billion. Nan Ya Plastics, the nation’s largest plastics maker, saw its net profits reach NT$48.8 bln last year, up 36.6% from a year earlier, with sales dropping 8.2% to NT$275.3 bln.
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