Formosa group spokesperson affirms sales drop in August
Source: Fibre2fashion News Desk - India Date: 2008-09-16
Combined sales of the four major subsidiaries of the Formosa Plastics Group (FPG) including - Formosa Plastics Corporation (FPC), Nan Ya Plastics Corporation, Formosa Chemical & Fibre Corporation (FCFC) and Formosa Petrochemical Corporation (FPCC) experienced a whooping decline in August over the previous month.
Mr K Y Lin, FPCC spokesperson confirmed Fibre2fashion that “sales plummeted for the month by a drastic 18 percent to fetch NT $87.9 billion compared to July 2008 when revenues touched NT $100.75 billion.
The company attributed sales decline to drop in the international prices for petroleum product in the month of August, especially for naphtha and crude oil. Nonetheless, the four subsidiaries together managed to score well in combined sales in the first eight months of this year, hitting an all-time high of NT $1.877 trillion.
Of this, FPCC alone posted NT $87.921 billion in sales in August, down 18.22 percent over the previous month. However, on a cumulative sales basis, the company touched NT $691.142 billion in the first eight months of this year marking a remarkable surge of 63.8 percent on a year on year basis.
Already the company foresees a plunge in supply of ethylene and oil products in the period between September and October because of the annual overhaul of its production equipment which is likely to affect oil-refining capacity by between 25-30 percent.
FPC was no exception and saw monthly sales slip to NT $15.079 billion in August, down 23.21 percent from revenues of the previous month which stood at NT $19.637 billion. There was a decline in shipments of polyvinyl chloride (PVC) and caustic soda (sodium hydroxide) which saw an output slide of 20,000 and 80,0000 metric tons, respectively in August over the levels of July.
