Taiwan’s FPCC 2020 net income slumps 80% on lower margins

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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