Nan Ya Plastics Corp (南亞塑膠), the nation’s largest plastics maker, yesterday reported a 7.2 percent increase in profit last quarter, compared with the previous quarter.
Net profit last quarter of NT$10.02 billion (US$334.66 million), or NT$1.26 per share, rose 7.2 percent from NT$9.34 billion, or NT$1.18 per share, a quarter ago and 165 percent from NT$3.78 billion, or NT$0.48 per share, a year earlier, the company said.
Operating profit last quarter rose by NT$1 billion to NT$3.59 billion from NT$2.59 billion the previous quarter because of higher income from its electronic materials division — which makes copper-clad laminates, glass fiber fabrics and epoxy resins — and plastics division, Nan Ya chairman Wu Chia-chau (吳嘉昭) said.
“We succeeded in selling our electronic products to automobile and Internet companies amid higher demand for mobile devices,” Wu added.
He said the company also booked an income tax benefit of NT$1.57 billion last quarter after Nanya Technology Corp (南亞科技), the nation’s biggest DRAM chipmaker, conducted capital reduction.
As for this quarter, Wu expects Nan Ya’s revenue to see sequential growth from NT$83.22 billion last quarter on higher demand for plastics and electronic products.
Another three major units of Formosa Plastics Group (FPG, 台塑集團) yesterday posted sequential profit declines between 27 percent and 48.5 percent.
Formosa Chemicals & Fibre Corp (台灣化學纖維), which produces aromatics and styrenics, reported profit of NT$3.48 billion, or NT$0.6 per share, last quarter, down 38.8 percent from NT$5.68 billion, or NT$0.97 per share, the previous quarter, and 14.91 percent from NT$4.09 billion, or NT$0.7 per share, a year ago.
Formosa Plastics Corp (台塑公司), the nation's largest producer of polyvinyl chloride, registered profit of NT$3.72 billion, or NT$0.59 per share, down 48.4 percent from NT$7.21 billion, or NT$1.13 per share, a quarter ago but up 20 percent from NT$3.1 billion, or NT$0.49 per share, a year ago.
Formosa Petrochemical Corp (台塑石化), the nation’s only listed oil refiner, reported profit of NT$6.41 billion, or NT$0.67 per share, last quarter, down 27.1 percent from NT$8.78 billion, or NT$0.92 per share, but up about 10 times from NT$584 million, or NT$0.06 per share, the previous year.
Separately, Hong Fu-yuan (洪福源), president of the group’s Vietnamese division, Formosa Industries Corp (台灣興業), said he is confident that Chinese workers would return to work in the group’s Formosa Ha Tinh Steel Corp (台塑河靜鋼廠) unit in Vietnam soon.
According to Hong, China Metallurgical Group Corp (中冶集團), which is helping the group build a steel mill in Vietnam, will send its representatives to Vietnam to discuss compensation for damages incurred at its plant during anti-China riots earlier this year.
Hong said the steel mill incurs losses of US$1.5 million a day while construction is suspended.
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