Sales posted by the four major Formosa Plastics Group (FPG, 台塑集團) units last month surged from a year earlier due to higher international crude oil prices, the nation’s largest industrial conglomerate said yesterday.
Data released by the group showed that the four entities — Formosa Plastics Corp (FPC, 台灣塑膠), Nan Ya Plastics Corp (南亞塑膠), Formosa Chemicals & Fibre Corp (台灣化纖) and Formosa Petrochemical Corp (台塑石化) — posted a combined NT$143.9 billion (US$5.19 billion) in consolidated sales, rising 87.9 percent from a year earlier, after an 84.1 percent year-on-year increase in April.
On a monthly basis, sales rose 3.6 percent, FPG data showed.
Photo: Chang Hui-wen, Taipei Times
The four companies benefited as many countries reopened their economies as they recovered from the COVID-19 pandemic, sending crude oil prices higher and, in turn, boosting their product prices, analysts said.
Formosa Petrochemical last month posted NT$52.93 billion in consolidated sales, up 106.1 percent from a year earlier and up 13.7 percent from a month earlier.
Its year-on-year sales growth topped those of the other FPG entities.
Due to strong demand, Formosa Petrochemical said that production at its oil refineries last month rose to an average of 382,000 barrels per day, up from 38,000 barrels per day in April, and higher crude oil prices provided an additional boost to its sales value in the month.
Formosa Plastics, the flagship company, said that it posted NT$24.35 billion in consolidated sales, up 81 percent from a year earlier, but down 0.1 percent from a month earlier.
Formosa Plastics said that its production of ethylene vinyl acetate last month returned to normal, paving the way for an increase in revenue, but that sales of polyvinyl chloride were affected by a decline in orders, as many customers expected product prices to move lower.
Nan Ya Plastics posted NT$34.49 billion in consolidated sales, up 77.6 percent from a year earlier, but down 1.2 percent from a month earlier.
The company said that almost all of its products, except for epoxy, saw strong demand last month, while the price of ethylene glycol came under slight downward pressure during the month.
Formosa Chemicals & Fibre posted NT$32.14 billion in consolidated sales, up 78.4 percent from a year earlier, but down 2.8 percent from a month earlier.
The company said that a booming stay-at-home economy boosted demand and pushed up product prices.
In the first five months of this year, the four companies posted a combined NT$647.54 billion in consolidated sales, up 40.3 percent from a year earlier, FPG data showed.
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