Taipei, May 14, 2008 (CENS)--Formosa Plastics Group`s four major subsidiaries, including Formosa Plastics Corp. (FPC), Nan Ya Plastics Corp. (Nan Ya), Formosa Chemical and Fibre Corp. (FCFC) and Formosa Petrochemical Corp. (FPCC), registered NT$129.069 billion (US$4.19 billion at US$1:NT$30.8) in combined sales revenues in April, representing a year-on-year growth of 32.4%.
Of the firms, only FPC posted annual growth in April sales and hit the third-highest record in history, with the other three firms suffering revenue declines from the previous month.
FPCC said one of its three oil refineries was under annual repair and maintenance work in April, which affected its production capacity by 40%. Because of the cut in production capacity, the company saw April sales reach NT$69.298 billion (US$2.24 billion), sharply up 46.27% year-on-year but down 7.3% from the previous month.
Due partly to FPCC`s oil refineries resuming operations at the end of April and partly to the consistent growth in international crude prices, the oil refiner`s monthly revenue is very likely to challenge a historic high of NT$79.834 billion (US$2.59 billion) posted in December 2007.
FPC`s monthly shipment of PVC (polyvinyl) grew by 10,000 metric tons to reach 110,000 metric tons in April, helping it score third-highest monthly revenue record of NT$16.987 billion (US$551.52 million) in history.
Nan Ya registered NT$20.137 billion (US$653.79 million) in sales in April, up 21.01% year-on-year and down 3.6% from the preceding month. The company posted NT$81.701 billion (US$2.65 billion) in cumulative sales in the first four months of this year, representing a growth of 31.43% year-on-year.
Nan Ya attributed the month-on-month decline in April sales to the drop in the selling prices of EG (ethylene glycol), one of its major product lines. The quoting price for EG slipped to US$1,060 per metric ton in April, down 4.4% from a peak of US$1,680.
FCFC blamed the sales decline in April to the halt of sales of PX (paraxylene) to facilitate the need of its PTA (purified terephthalic acid) plant in Ningbo of Zhejiang province, mainland China.
Sales of FPG`s Four Major Subsidiaries in Q1 Unit: NT$100 million |
Firm | Sales in April | Change from Preceding Month | Sales in First Four Months | Annual Change |
FPC | 169.87 | 4.36% | 666.84 | 29.08% |
Nan Ya | 201.39 | -3.57% | 817.11 | 31.43% |
FCFC | 226.47 | -8.78% | 956.63 | 44.43% |
FPCC | 692.98 | -7.34% | 2997.51 | 65.91% |
Total | 1290.7 | - | 5438.09 | - |
Source: Formosa Plastics Group |
(by Ben Shen)
