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FPG`s Four Major Subsidiaries Post High Growth in October Sales
2007/11/12
Taipei, Nov. 12, 2007 (CENS)--Each of the four major subsidiaries of the Formosa Plastics Group (FPG), including Formosa Plastics Corp. (FPC), Nan Ya Plastics Corp., Formosa Chemical & Fibre Corp. (FCFC) and Formosa Petrochemical Corp. (FPCC), saw high growth in October sales.
Each of Nan Ya, FCFC and FPCC saw October sales hit historic highs and FPC saw its sales in October grow the fourth-highest in history.
Thanks to the sharp increase in international crude oil prices, FPCC saw monthly sales grow a whopping 75.94% year-on-year to reach NT$70.436 billion (US$2.17 billion at US$1:NT$32.4) in October. An institutional investor predicted FPCC would continue its outstanding performance in the fourth quarter of this year.
Nan Ya saw October sales grow 49.63% year-on-year to reach NT$21.822 billion (US$673.51 million). Taiwan`s largest manufacturer of ethylene glycol (EG), over the past several months Nan Ya has raked in sizable profits from the price hike in the products internationally. Of Nan Ya`s October sales, that for EG accounted for NT$5.69 billion (US$175.61 million).
FCFC was the most profitable among FPG`s four major subsidiaries in the first three quarters of this year. The company posted NT$6.73 (US$0.2) in earnings per share in the first three quarters. The company attributed the outstanding performance to the addition of new production capacity for SM (styrene monomer) and the completion of a third set of aroma production equipment. The company scored NT$23.216 billion (US$716.54 million) in October sales, up 57.02% year-on-year.
FPC registered NT$16.084 billion (US$496.41 million) in sales in October, up 44.96% annually. A foreign institutional investor rated FPC as investment grade as the company has a lot of stockholdings in Nan Ya and FCFC. In addition, FPC has been successful in exporting products to European marketplace.
| Sales Performance of FPG’s Four Major Subsidiaries Unit: NT$100 million | | Companies | October Sales | Annual Growth (%) | Sales in First 10 Months | Annual Growth | | Formosa Plastics | 160.84 | 44.96 | 1,483 | 21.9 | | Nan Ya Plastics | 281.22 | 49.63 | 1,831 | 22.39 | | Formosa Chemical & Fibre | 232.16 | 57.02 | 1,935 | 30.97 | | Formosa Petrochemical | 704.36 | 75.94 | 5,519 | 26.19 | | Source: Taiwan Stock Exchange Corp. |
(by Ben Shen)
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