Taiwan’s Formosa Plastics Group reported mixed results for February, with three of its four main subsidiaries showing growth as operations normalized and product sales stabilized.
Formosa Plastics Corp. led the group with the strongest performance, posting a 15.4% month-on-month increase and 24.7% year-on-year rise in revenue. Nan Ya Plastics followed with a 7.9% monthly gain and 32.1% annual increase, while Formosa Chemicals & Fibre saw revenue climb 13% from January and 5.7% from last year.
The exception was Formosa Petrochemical, which reported NT$54.99 billion (US$1.75 billion) in February revenue, down 7.7% from January. The company cited fewer working days in February and a NT$4.5 billion decrease in sales volume as primary factors. Dubai crude prices also dropped to US$77.9 per barrel, a US$2.5 decline from January.
Formosa Petrochemical’s refining division saw a 9.6% monthly decrease in business, with total product sales falling to 13,962,000 barrels from 16,033,000 barrels in January. Meanwhile, its olefins division reported a 3.2% monthly decline, though ethylene production maintained relatively steady at 143,000 tons, representing 58% capacity utilization.
The varying results reflect both operational improvements and ongoing challenges in the petrochemical sector amid fluctuating global oil prices.
