SINGAPORE (ICIS)--Formosa Petrochemical Corp (FPCC) has reported an 80% decline in its 2020 net profit as margins weakened amid the coronavirus pandemic.
|New Taiwan dollar (NT$) billion||2020||2019||% change|
- The sharp drop in consolidated operating
revenue was due to the decrease in sales
volumes and prices, the company said in a stock
exchange filing on 8 January.
- Operating revenue at FPCC’s refining business fell due to lower crude oil prices, weak demand and lower refining throughput.
- Operating revenue at the company’s naphtha cracking business fell by 26% on the back of a lower production prices following the coronavirus outbreak.
($1 = NT$28.03)
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