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(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.
mrcplast.com
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