FPCC's nine months operating income falls 9.7%

25 October 2006 12:26  [Source: ICIS news]

SINGAPORE (ICIS news)--Formosa Petrochemical’s (FPCC) operating income fell 9.7% to NT41bn ($1.2bn/€977.9m) for the first nine months of 2006 from the same period a year ago, the Taiwanese company said on Wednesday.

Revenue during the period ending 30 September rose 28.7% to NT380.1bn while net income fell 30.8% to NT31bn, it said in a statement. The company didn’t give a commentary on the results.

Among the biggest petrochemical companies in the region, FPCC’s total propylene capacity will reach 2.5m tonne/year in the first quarter of 2007 and its ethylene capacity will be close to 3m tonne/year.

The company is building Asia’s largest cracker project, a 1.2m tonnes/year unit at Mailiao. However, the start-up at the project could be delayed by three months to May or June 2007 cracker, due to problems faced with labour and securing building materials, ICIS news had earlier reported.

The new cracker is expected to produce 600,000 tonnes/year of propylene, and the project also includes a 250,000 tonnes/year metathesis unit. FPCC will also be increasing its propylene capacity at its refinery from 400,000 tonnes/year to 1,900 tonnes/day (684,000 tonnes/year).

By: Florence Tan
+65 6780 4359

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