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Formosa Petrochemical reported the largest drop in monthly revenue

September 07/2011

(Plastemart) -- Formosa Petrochemical Corp has reported the largest drop in monthly revenue among the Formosa Plastics Group's four core companies, as per stock exchange filing. August revenues fell 56.8% sequentially to NT$33.27 bln (US$1.14 bln) on lower capacity utilization and oil product sales due to the recent partial shutdowns of its refining units in Mailiao.

Formosa Petrochemical runs 3 crude distillation units in Mailiao and the refinery accounts for nearly 70% of its total sales. It also operates 3 naphtha crackers there, accounting for about 25% of total sales.

Formosa Petrochemical's revenue dropped 29.6% on an annual basis as the plants stopped operating for 20 days in August because of several industrial safety mishaps, causing oil products sales to fall 76% from July. Sale of ethylene and propylene also witnessed a fall in August with the annual maintenance shutdown of the No. 3 naphtha cracker mid-month.

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