Four FPG entities see April sales soar over 80%
Taipei, May 7 (CNA) Sales posted by the four major subsidiaries of the Formosa Plastics Group (FPG) conglomerate in April soared more than 80 percent from a year earlier, as global demand for raw materials increased, boosting product prices.
The combined consolidated sales of the four FPG subsidiaries -- Formosa Plastics Corp., Nan Ya Plastics Corp., Formosa Chemicals & Fibre Corp. and Formosa Petrochemical Corp. -- hit a historic high of NT$138.87 billion (US$4.98 billion), up 84.1 percent from a year earlier.
FPG said in a statement released Thursday that the significant growth came after a recovery of the global petrochemical industry, coupled with a relatively low comparison base over the same period of last year, when the global economy was hit by the COVID-19 pandemic.
On a month-on-month basis, the combined sales of the four companies rose 0.4 percent, the group's data showed.
Among the four entities, Nan Ya saw its April sales smashing its monthly records again by posting NT$34.9 billion, up 71 percent from a year earlier and up 1.6 percent from a month earlier on the back of a price hike of its chemical products and materials used in electronic devices.
For its part, Formosa Petrochemical's consolidated sales for April rose 110.1 percent from a year earlier to NT$46.55 billion, the highest among the four companies, as a spike in crude oil prices led to a price increase of the company's products such as ethylene and propene.
Meanwhile, Formosa Plastics, the flagship entity of FPG, generated NT$24.37 billion in consolidated sales, up 65.2 percent from a year earlier but down 2.6 percent from a month earlier.
Formosa Plastics said a blizzard in Texas in February hit the global petrochemical supply, which continued to push up its product prices by 6 percent-36 percent from a month earlier in April.
The month-on-month decline, Formosa Plastics said, resulted from the annual maintenance of its polyvinylchloride, which affected its April production.
In addition, Formosa Chemicals generated NT$33.05 billion in consolidated sales, up 82.2 percent from a year earlier and up 2.7 percent from a month earlier on the back of higher prices for its products.
In the first four months of this year, the combined sales of the four companies rose more than 30 percent from a year earlier to NT$503.6 billion.
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