The four major subsidiaries of Formosa Plastics Group (台塑集團), Taiwan’s largest industrial conglomerate, yesterday posted combined profit of NT$69.26 billion (US$2.47 billion) for last quarter, up 9.2 percent quarter-on-quarter in stark contrast to last year, when the group was NT$6.02 billion in the red.
The growth was led by Formosa Plastics Corp (台塑), the group’s oil refining subsidiary, which reported net profit of NT$20.23 billion, or earnings per share (EPS) of NT$3.18.
Revenue was NT$71.6 billion, up 18.2 percent quarter-on-quarter, a Formosa Plastics filing with the Taiwan Stock Exchange showed.
Photo: CNA
For the first half of this year, revenue was NT$132.2 billion, up 55.6 percent.
Net profit was NT$35.19 billion, or EPS of NT$5.53. Revenue and profit were first-half records.
The growth at Formosa Plastics was credited to a recovering world economy and climbing prices of petroleum products.
Unlike last year, when petroleum demand was ravaged by lockdowns amid the COVID-19 pandemic, prices were high for the first half of this year due to strong demand, petrochemical plants in Texas temporarily shuttering amid snowstorms, other supply disruptions and rising prices for crude oil.
Nan Ya Plastics Corp (南亞塑膠) also had a good quarter, with net profit of NT$23.04 billion, up 30.5 percent quarter-on-quarter, or EPS of NT$2.9.
Cumulative first-half profit was NT$40.69 billion, or EPS of NT$5.13.
Nan Ya Plastics said that demand for computer and other tech products, especially materials to make electronic components, was behind the leap in revenue.
Formosa Chemical & Fibre Corp (台灣化纖), which makes integrated plastic and nylon products, posted profit of NT$12.39 billion, sliding 3.8 percent quarter-on-quarter, or EPS of NT$2.12.
However, revenue was NT$95.88 billion, up 13.9 percent quarter-on-quarter.
For the first half, profit was NT$25.26 billion, or EPS of NT$4.32.
Revenue for the first half was NT$180.03 billion, up 49.5 percent from a year earlier.
Formosa Petrochemical Corp (台塑石化) booked second-quarter profit of 13.6 billion, down 24 percent quarter-on-quarter, or EPS of NT$1.43.
Cumulative first-half profit was NT$31.5 billion, or EPS of NT$3.31.
Consolidated revenue was NT$275.2 billion, up 26.6 percent year-on-year.
Of the four subsidiaries, profit at Formosa Chemical & Fibre and Formosa Petrochemical fell from a quarter earlier.
Formosa Chemical & Fibre said that the high cost of materials was a factor, while Formosa Petrochemical blamed a decline in volume and falling prices.
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