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Formosa Plastics profit falls in Q2

August 31/2009

TAIPEI, Taiwan ( -- Formosa Plastics Corp., the world"s second-biggest maker of polyvinyl chloride, or PVC, posted a 42 percent drop in second-quarter profit as sales declined on the global recession. 

Net income fell to NT$7.72 billion from NT$13.3 billion a year earlier, according to calculations made by Bloomberg News by subtracting first-quarter results from six-month earnings announced by the company yesterday. That beat a median estimate of NT$5.81 billion in a survey of seven analysts. 

Sales at Formosa Plastics plunged as the global recession cut demand for PVC, used in construction and production of handbags, shoes and toys. The average price of the plastic material in East Asia has declined 29 percent from last year"s high in July, according to data compiled by Bloomberg.         




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