Formosa to cut fuel prices
Formosa Petrochemical Corp (台塑石化) yesterday announced that it would cut domestic fuel prices by NT$0.8 per liter today to reflect falling global crude prices amid worries over a global glut.
Following the company’s price adjustments, 92 octane unleaded gasoline costs NT$24.5 per liter, NT$26.1 per liter for 95 octane unleaded gasoline and NT$28.4 per liter for 98 octane unleaded gasoline.
Premium diesel prices were reduced to NT$22.5 per liter, Formosa said in a statement.
State-run oil refiner CPC Corp, Taiwan (台灣中油) is to announce its weekly price adjustments tomorrow to take effect on Monday.
FPG sees revenues fall
Formosa Plastics Group (FPG, 台塑集團), the nation’s largest industrial conglomerate, yesterday said the combined revenue of its four major units decreased by nearly 20 percent year-on-year to NT$770.7 billion (US$24.7 billion) in the first half of the year.
However, the units posted stronger profitability in the period, with net profit totaling NT$59.6 billion, up 52 percent year-on-year, with earnings per share rising to NT$2.71 from NT$1.6, FPG said.
The group attributed the decline in sales to falling prices of crude oil and the company’s petrochemical products. Falling crude prices allowed product spreads to expand, which helped boost the company’s margin, it said.
In addition, the input of non-operating income, such as gains from the units’ equities investments, also boosted their profitability in the first half, the group added.
Among the four units, refiner Formosa Petrochemical Corp (台塑石化) reported the largest earnings per share of NT$2.71 in the first half, followed by Nan Ya Plastics Corp (南亞塑膠) with NT$2.58, Formosa Chemicals & Fibre Corp (台灣化學纖維) with NT$2.34 and Formosa Plastics Corp (台塑) with NT$2.27.
WPG reports record sales
Semiconductor component distributor WPG Holdings Co (大聯大) yesterday said sales in the second quarter hit the highest level in the company’s history, with first-half results rising 7.6 percent from the same period last year.
Sales were NT$124.4 billion last quarter, higher than the company’s guidance of between NT$117 billion and NT$122 billion, the company said in a statement.
In the first six months, total sales reached NT$232.48 billion, compared with NT$216 billion a year earlier.
As the company expects rising smartphone-related orders from Apple Inc and other companies, sales for this quarter are predicted to increase by double-digit percentage points from last quarter, WPG said.
Hiwin sales improve
Hiwin Technologies Corp (上銀科技), which produces linear guideways and ballscrews, this week said sales for last quarter grew 22.09 percent from a year earlier to NT$4.31 billion, 18.73 percent higher than the prior quarter and the highest quarterly figure since 2008.
For the first six months of the year, consolidated sales totaled NT$7.95 billion, up 21.53 percent from NT$6.55 billion a year earlier, the company said in a filing with the Taiwan Stock Exchange.
Hua Nan Securities Investment Management Co (華南投顧) said in a note on Thursday that it was cautious about the company’s outlook in the second half, citing uncertainty due to the global economy and foreign exchange-rate fluctuations.
Lite-On sees sales decline
Electronics component maker Lite-On Technology Corp (光寶科技) yesterday reported sales of NT$51.64 billion for last quarter, down 12 percent from NT$20.24 billion a year earlier and 2.19 percent lower than the previous quarter’s NT$52.8 billion, according to a company filing with the Taiwan Stock Exchange.
The decline last quarter might increase pressure on the company’s margin, as CIMB Securities Ltd said Lite-On could continue to see margin contraction in the second quarter, given a poor product mix and pricing pressure for camera modules.
In the first half, Lite-On saw consolidated revenues decline 6 percent year-on-year to NT$103.21 billion.
CIMB forecast a weak recovery in the second half, as PC demand might continue to be weak.
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