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Formosa Plastics posts 67.8% profit plunge for Q1

Apr. 5, 2012 (China Knowledge) - Taiwan-listed Formosa Plastics Corp, the largest maker of polyvinyl chloride on the island, reaped NT$5.4 billion or US$183 million in pretax profit in the first quarter of this year, reflecting a year-on-year plunge of 67.8%.

The company attributed the profit decline to declining sales and falling petrochemical prices amid the global slowdown.

Revenue for the first quarter totaled NT$47.3 billion, up 16.1% quarter on quarter, said Formosa Plastics, adding that its operating profits grew 22.2% to NT$2.3 billion from a year earlier.

Formosa Plastics is the flagship company of the Formosa Plastics Group, which also controls the other three affiliate firms.

Formosa Petrochemical Corp said its pretax profit decreased by 75.8% year on year to NT$4.87 billion in the first quarter of this year, and the company's revenue reached NT$229.82 billion, up 1.4% year on year.

In the three months ended Mar. 31, 2012, Formosa Chemicals and Fibre Corp saw its pretax profit reach NT$3.67 billion, down 81.9% from a year earlier, while Nan Ya Plastics Corp's pretax profit amounted to NT$1.77 billion, reflecting a year-on-year plunge of 89%.

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