By Kwan Shin-han / Staff reporterFormosa Plastics Group’s (FPG, 台塑集團) four major subsidiaries yesterday reported declining sales and profits for the first half of this year, due to lower prices and weakening demand for plastic products, although all but Formosa Plastics Corp (FPC, 台塑) expect a rebound this quarter. Formosa Petrochemical Corp (FPCC, 台塑石化), the group’s oil refinery arm, saw net profit plummet 60.4 percent to NT$17.25 billion and EPS decline from NT$4.57 to NT$1.81, while cumulative revenue fell 10.5 percent to NT$335.24 billion. The company expects cash dividend income to contribute NT$4.16 billion to profits for the third quarter, Tsao said. Formosa Chemicals & Fibre Corp (FCFC, 台灣化學纖維), which manufactures integrated plastic and nylon products, reported net profit fell 47.5 percent to NT$14.32 billion and EPS drop from NT$4.67 to NT$2.45. “We expect sales for this month will be higher than last month, and that sales would increase every quarter,” FCFC vice chairman Hong Fu-yuan (洪福源) said, adding that the firm will have cash dividend income of NT$8.1 billion this quarter.

Source: Taipei Times July 10, 2019 15:56 UTC