MOSCOW (MRC) -- The 4 units of Formosa Plastic Group - Nan Ya, Formosa Plastics Corp., Formosa Chemicals & Fibre Corp. and Formosa Petrochemical Corp., posted TWD 54.6 billion (USD1.83 bln) in net profit for the past six month, said Plastemart.
This shows a rise of over 30% from a year earlier. Nan Ya Plastics Corp.'s investments in the memory chip industry helped drive earnings growth at four listed subsidiaries of FPG over the past six months, as per CNA.
Over the six-month period, Nan Ya recorded TWD 19.35 bln in net profit, a huge increase of 79.1% from a year earlier.
Nan Ya said that as the global dynamic random access memory (DRAM) industry benefited from a tight supply, its investments in Nanya Technology Corp., which has turned a profit, have paid off.
In the first half of the year, Formosa Plastics posted TWD 10.93 bln in net profit, up 27.1% from a year earlier, while Formosa Chemicals & Fibre's net profit fell 24.8% from a year earlier to TWD 9.16 bln. During the same period, Formosa Petrochemical registered TWD 15.19 billion in net profit, up 49.3% from a year earlier.
As MRC wrote before, Formosa Plastics Corp, the nation’s largest producer of polyvinyl chloride, said that it is considering building a factory to make 1.2 million tonnes of ethylene a year in the US state of Louisiana, using shale gas. The company did not disclose how much it might invest because it needs to conduct further studies to evaluate the project.
Formosa Petrochemical is involved primarily in the business of refining crude oil, selling refined petroleum products and producing and selling olefins (including ethylene, propylene, butadiene and BTX) from its naphtha cracking operations. Formosa Petrochemical is also the largest olefins producer in Taiwan and its olefins products are mostly sold to companies within the Formosa Group. Among the company's chemical products are paraxylene (PX), phenyl ethylene, acetone and pure terephthalic acid (PTA). The company's plastic products include acrylonitrile butadiene styrene (ABS) resins, polystyrene (PS), polypropylene (PP) and panlite (PC).
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