Formosa Petrochemical Corp (台塑石化) yesterday reported the largest increase in monthly revenue among the Formosa Plastics Group’s (台塑集團) four core companies, stock exchange filings showed.
The oil refiner said in the filing that its revenue last month rose 12.5 percent to NT$70.84 billion (US$2.37 billion) from NT$62.97 billion in July, bolstered by the recent price surges in global crude oil amid tighter supply, as well as higher prices for olefin products.
Crude oil output at its refineries rose to 474,000 barrels a day last month from 370,000 barrels at the end of July, with two of its refineries running at nearly 100 percent last month. These also contributed to the monthly increase in sales, the company said.
On an annual basis, Formosa Petrochemical’s revenue surged 112.9 percent from NT$33.27 billion the year before, when the company was forced to shut down its refineries because of a string of safety incidents at its industrial complex in Mailiao (麥寮), Yunlin County, the filing showed.
Formosa Plastics Corp (台塑), the group’s flagship company, said last month’s revenue edged up 0.5 percent month-on-month to NT$14.61 billion. However, the figure was down 7.7 percent year-on-year.
Last month saw increased sales of products such as polyvinyl chloride (PVC), but these were mostly offset by lower revenues from other products like polyethylene (PE) due to weak demand, the company said in a filing.
However, the company said it expected to see strong revenue growth this month, along with a gradual increase in utilization rate, which it hoped would reach 87 percent, from 77 percent last month, and rise further to 93 or 94 percent next month.
The two other core companies also saw sales rise from July and from a year earlier. Formosa Chemicals and Fibre Corp (台灣化纖) — which produces aromatics and styrenics — reported a 12.2 percent revenue increase to NT$22.44 billion from the previous month, and an increase of 3.7 percent from a year earlier.
Nan Ya Plastics Corp (南亞塑膠), the nation’s largest plastics manufacturer, reported a sequential sales increase of 5.9 percent to NT$15.61 billion last month, as well as a slight increase of 0.1 percent from one year ago, its filing showed.
Overall, the four core companies posted a combined revenue of NT$123.5 billion last month, up 10.02 percent from NT$112.26 billion in July and 43.06 percent from the NT$86.33 billion posted a year earlier.