Formosa Plastics Group (FPG, 台塑集團), the nation’s largest industrial conglomerate, yesterday reported combined revenue of its four major subsidiaries totaled NT$117.5 billion (US$4.14 billion) for last month, up 0.5 percent year-on-year, as three of them posted strong revenue growth on rising demand.
On a monthly basis, the four subsidiaries' combined revenue increased 2.3 percent, their filings with the Taiwan Stock Exchange showed.
The global economy’s continued recovery from the impact of the COVID-19 pandemic has led the four companies to revise upward their revenue expectations for the first quarter.
Photo: Chang Hui-wen, Taipei Times
Formosa Plastics Corp (FPC, 台塑), the group’s flagship firm, showed the largest year-on-year growth, with revenue of NT$19.22 billion — down 2.5 percent from December last year, but up 38.7 percent year-on-year.
“We had thought that an intensification of the COVID-19 pandemic plus a shortage of shipping containers would depress first-quarter revenue,” FPC president and chairman Jason Lin (林健男) said. “Now, we expect first-quarter revenue to equal or slightly surpass fourth-quarter revenue.”
Lin attributed the improved outlook to higher product prices and China’s “no travel” policy for the Lunar New Year holiday.
“Downstream workers will probably return to work earlier than expected after the holiday due to the ‘no travel’ policy,” Lin said.
Formosa Chemicals & Fibre Corp (台灣化學纖維) reported revenue of NT$26.75 billion, up 1.9 percent from December and 18.1 percent year-on-year, while Nan Ya Plastics Corp (南亞塑膠) reported revenue of NT$29.35 billion, up 3.6 percent from December and 31.5 percent year-on-year.
Nanya president Wu Chia-chau (吳嘉昭) attributed the figures — its eighth consecutive month of revenue growth — to demand for copper-clad laminate and other electronic components.
Formosa Petrochemical Corp (台塑石化) reported a contraction in year-on-year revenue to NT$42.24 billion — up 4.1 percent from December, but down 27.3 percent year-on-year.
Dubai crude oil is trading at US$9.2 per barrel less than last year, the company said.
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