Taiwan’s FPCC Q2 operating profit down by 11.5% on lower run rates

05 September 2011 05:48  [Source: ICIS news]

SINGAPORE (ICIS)--Formosa Petrochemical Corporation’s (FPCC) operating profit fell by 11.5% year on year to New Taiwan dollar (NT$) 9.8bn ($337.9m) in the second quarter of 2011 in line with the reduced utilisation rates at several of its facilities, the Taiwanese petrochemical major said on Monday.

The company was earlier forced to shut several of its production units at its Mailiao petrochemical complex during the second quarter, following a pipeline fire on 12 May.

FPCC’s 540,000 bbl/day refinery in Mailiao was operating at 74% of its total capacity in April-June compared with 97% in the corresponding quarter a year earlier, the company said in a report on its website.

FPCC was running its olefins production units at 85% of their full capacities during the second quarter, down from 112% in the same period in 2010, the report said.

The company’s overall sales in the second quarter declined by 0.5% to NT$211bn, according to FPCC.

For the first half of 2011, FPCC’s operating profit rose by 20.8% year on year to NT$27.7bn, while its sales were up by 6.6% at NT$437.7bn, the company said.

The producer’s sales of its ethylene products contributed 12%, or NT$52.5bn, to its overall revenue in the first six months of 2011, while its sales of naphtha contributed 10% to the overall figure, FPCC added.

($1 = NT$29)

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By: Nurluqman Suratman

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