Q2 net profits at Formosa Petrochemical dip

As fuel demand got trimmed by the global economic downturn, profits have dipped at Formosa Petrochemical Corp. Formosa has posted a 35% drop in Q2-09 profits petroleum consumption in the first half of the year in Taiwan dropped 12% since last year. Net income fell to NT$12.9 bln (US$392 mln) in the three months ended June 30 from NT$19.7 bln recorded a year ago. Q2 sales fell 41% from a year earlier to NT$157 billion, after declining 49% in the previous three months. Petrochemicals accounted for 28% of Formosa Petrochemical's revenue between April and June, compared with 24% revenue from diesel and 19% from gasoline. Other products sold by the refiner include jet fuel, naphtha and fuel oil.
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