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 |
| Operating revenue | 415.3 | 646.0 | -35.7 |
| Net income | 7.5 | 36.8 | -79.6 |
- 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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