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

Author: Nurluqman Suratman

2021/01/11

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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