The four major units of Formosa Plastics Group (台塑集團), the nation’s largest industrial conglomerate, yesterday reported combined revenue of NT$105.7 billion (US$3.36 billion) for last month, a 5.2 percent decrease from July and a 4 percent drop from the same period last year.
The four units are Formosa Petrochemical Corp (台塑石化); Formosa Plastics Corp (台灣塑膠); Formosa Chemicals and Fibre Corp (台灣化學纖維) and Nan Ya Plastics Corp (南亞塑膠).
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 NT$860.8 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 NT$23.2 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 (吳嘉昭) said, adding that only the sales of petrochemicals decreased last month.
Formosa Petrochemical, the nation’s only privately owned oil refiner, posted revenue of NT$41.7 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 (曹明) told a news conference.
Formosa Chemicals, a supplier of aromatics and styrene, reported sales lof NT$26.5 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 (洪福源) told reporters.
Formosa Plastics Corp, the nation’s largest producer of polyvinyl chloride, reported a 4 percent monthly decline in revenue to NT$14.2 billion last month, representing a 5.7 percent annual decline.
SUPPLY CHAIN RESHUFFLE: The chipmaker was ‘cautious’ in not making commitments too early in building production in the US, citing ‘geopolitical factors,’ Nikkei Asia said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is considering building an advanced IC packaging plant in the US following a massive investment to set up a wafer fab in Arizona, Nikkei Asia reported. TSMC was considering the plant in response to “Washington’s desire to bring more of the tech supply chain onto home turf,” the report said. TSMC increasingly faces the need to expand in the US, which accounts for about 62 percent of its total sales, Nikkei Asia said, citing three sources who declined to be named. The potential US plant would be equipped with the latest 3D stacking technologies to arrange chips
MARKET BOOST: Elon Musk said Tesla would resume bitcoin transactions once there is ‘reasonable’ clean energy usage by miners and denied selling a big part of his holdings Bitcoin yesterday hit a two-week peak just shy of US$40,000, after another weekend reacting to tweets from Tesla Inc chief executive Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin, but might resume transactions using it. Bitcoin has gyrated to Musk’s views for months since Tesla announced a US$1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric vehicle maker would not accept bitcoin due to concerns over how mining the currency requires high energy use and contributes to climate change. “When there’s confirmation of reasonable
As much as the US pines for the good old days of global semiconductor supremacy, Japan feels its loss of glory even more. Once a dominant name in electronic components, the nation has been overtaken by Taiwan, South Korea, and, more recently, China. Yet Tokyo might have a viable plan to revitalize its domestic sector. “Unlike the purely domestic, independent way it was done in the past, I think we need to cooperate with overseas counterparts,” Akira Amari, a former economy minister and senior member of the ruling Liberal Democratic Party, told Bloomberg News’ Isabel Reynolds and Emi Nobuhiro this week. That is
Apple Inc has hired Ulrich Kranz, a former senior executive at BMW AG’s electric vehicle (EV) division, to help lead its own vehicle efforts, people familiar with the situation said. The tech giant hired Kranz in recent weeks, about a month after he stepped down as CEO of Canoo Inc, a developer of self-driving EVs. Before cofounding Canoo, Kranz was senior vice president of the group that developed the i3 and i8 cars at BMW, where he worked for 30 years. Kranz is one of Apple’s most significant automotive hires, a clear sign that the iPhone maker is determined to build a