Formosa Plastics Group (FPG, 台塑集團) yesterday posted total revenue of NT$91.4 billion (US$3.10 billion) for last month, a 4.5 percent growth from June and the second consecutive month of month-on-month growth as market demand recovers from the impact of COVID-19.
However, the largest industrial conglomerate’s aggregated revenue contracted 27.7 percent from a year earlier.
All four major subsidiaries of FPG posted month-on-month revenue growth.
Formosa Plastics Corp (FPC, 台塑), the group’s flagship company, posted NT$15.71 billion in revenue, a 6.4 percent increase from June and a 10.2 percent decrease from a year earlier.
FPC spokesman Jerry Lin (林勝冠) said in a filing with the Taiwan Stock Exchange that rebounding demand for PVC pipes for agricultural purposes in India raised prices for PVC products by 10 percent last month from June, offsetting a weakness in demand from PVC factories in India due to city lockdowns.
Also strongly affected by a COVID-19-related fall in demand for petroleum products, Formosa Petrochemical Corp (FPCC, 台塑石化) posted a revenue of NT$33.53 billion, an increase of 4.5 percent from June’s NT$32.09 billion.
On an annual basis, the oil refiner’s revenue contracted 41.2 percent.
FPCC pokesman Lin Keh-yen (林克彥) attributed rising oil prices to growth in FPCC’s revenue.
Average Dubai crude prices increased US$2.5 a barrel last month from June, causing FPCC’s products to be sold for an average of US$5.9 per barrel more compared with the preceding month.
FPCC refined 12.69 million barrels of crude oil last month, down 1.5 million barrels in June, the company’s filing with the exchange showed.
Nan Ya Plastics Corp (南亞塑膠) posted revenues of NT$21.7 billion, a 4.6 percent increase month-on-month, but an 11.4 percent decrease from a year ago.
Nan Ya chairman Wu Chia-chau (吳嘉昭) said in a regulatory filing that most product categories had seen growth, as many nations around the world started phasing out COVID-19 related lockdowns.
Together with stimulus policies, this has led to rebounding demand from consumption and manufacturing activities, she added.
Formosa Chemicals & Fibre Corp (FCFC, 台灣化纖) posted revenues of NT$20.5 billion, up 3.1 percent over June, but a drop of 23.4 percent from a year earlier.
FCFC vice chairman Hong Fu-yuan (洪福源) said customers are replenishing low inventories as nations reopen their economies.
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