Taiwan’s FPCC Jan revenue dips 1% on weak petrochemical sales

09 February 2011 04:07  [Source: ICIS news]

SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPCC) reported late on Tuesday a New Taiwan dollar (NT$) 72.5bn ($2.5bn) revenue in January, dipping 1% year on year as sales of petrochemicals weakened.

Its petrochemical segment, which accounted for about a third of total revenue, had a 4% year-on-year decline in sales to NT$22.7bn, based on data posted on the company’s website.

FPCC was operating its three crackers with a total capacity of 2.93m tonnes/year at full capacity in late January.

Based on data posted on the company’s website, FPCC’s annualised monthly sales in 2010 weakened starting July, when its Mailiao petrochemical complex had two fire incidents.

The first fire in early July shut the company’s 700,000 tonne/year No 1 cracker, and the second incident late that month prolonged the shutdown of the cracker for more than three months.

This caused sales to contract for three consecutive months, before posting a 6% growth in October. Sales fell again in November but reversed back to growth in December, according to the data.

Notwithstanding the weakness in the second half of the year, FPCC’s revenue grew 17.8% in 2010 to NT$747.3bn, after slumping by 27.6% in 2009, the data showed.

Petrochemical sales surged 29.7% to NT$233.3bn in 2010, FPCC said.

($1 = NT$28.93)

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By: Pearl Bantillo
+65 6780 4359



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