MOSCOW (MRC) -- The four major units of Formosa Plastics Group, the nation’s largest industrial conglomerate, yesterday reported combined revenue of NT105.7 billion (USD3.36 billion) for last month, a 5.2 percent decrease from July and a 4 percent drop from the same period last year, said Taipeitimes.
The four units are Formosa Petrochemical Corp; Formosa Plastics Corp; Formosa Chemicals and Fibre Corp and Nan Ya Plastics Corp.
In the first eight months of the year, the group saw its combined revenue decrease 13.6 percent from the same period last year to NT860.8 billion, company data showed. On a monthly basis, the only unit to report an increase in sales was Nan Ya Plastics Corp, the plastic manufacturing arm of the group.
The company yesterday posted revenue of NT23.2 billion for last month, up by 2.1 percent from July and 0.6 percent from the same period last year. "The increase in revenue was the result of steady demand for electronics materials and polyester products," Nan Ya Plastics chairman Wu Chia-chau said, adding that only the sales of petrochemicals decreased last month.
Formosa Petrochemical, the nation’s only privately owned oil refiner, posted revenue of NT41.7 billion for last month, a decrease of 9.1 percent from July and 10 percent year-on-year. "Our olefin factories were undergoing scheduled maintenance last month, which depressed production volume," Formosa Petrochemical president Tsao Mihn told a news conference.
Formosa Chemicals, a supplier of aromatics and styrene, reported sales lof NT26.5 billion, down 5.1 percent from July, but up 3.5 percent on a yearly basis. A plant based in Ningbo was shut down temporarily due to the G20 summit, which impacted the company’s sales, Formosa Chemicals president Hong Fu-yuan told reporters. Formosa Plastics Corp, the nation’s largest producer of polyvinyl chloride, reported a 4 percent monthly decline in revenue to NT14.2 billion last month, representing a 5.7 percent annual decline.
As MRC reported earlier, Taipei- Formosa Plastics is considering construction of a plant in Louisiana to produce 1.2-million t/y of ethylene from shale gas.
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).
MRC