Formosa Petchem's April revenue up 8%

08 May 2007 03:56  [Source: ICIS news]

SINGAPORE (ICIS news)--Formosa Petrochemical, a Taiwanese refining major, posted late on Monday an 8% year-on-year rise in its April revenue.

April’s revenue reached New Taiwan dollar (NT$) 47.4bn ($1.4bn) while that for first four months totalled NT$180.7bn, it said in a statement to the Taiwan Stock Exchange.

In the first quarter, the company’s olefins segment posted a 12% rise in its operating profit to NT$4.2bn from the same period in 2006 as revenue rose 8% to NT$35.6bn.

Formosa, which increased its refining capacity to 510,000 bbl/day last year, saw the operating profit for its refinery division jumped to NT$10.7bn from NT$2.7bn while revenue increased 29% to NT$104.2bn.

The company more than doubled its overall first-quarter operating profit to NT$16.1bn from the same period a year ago.

($1 = NT$33.21)

By: Florence Tan
+65 6780 4359

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