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FCFC posts NT$1.55 in EPS in H1.

Taipei, Aug. 25, 2009 (CENS) -- Despite operating losses in the first quarter, Formosa Chemical & Fibre Corp. (FCFC), a subsidiary of the Formosa Plastics Group (FPG), scored NT$1.55 (US$0.047 at US$1:NT$32.9) in earnings per share on overall sales of NT$102.21 billion (US$3.1 billion) in the first half of this year.

In addition to FCFC, other FPG's major subsidiaries include Formosa Plastics Corp. (FPC), Nan Ya Plastics Corp. and Formosa Petrochemical Corp. (FPCC).

An executive of the FPG said FCFC will continue its earnings growth in the third quarter of this year because of the continued price hikes in such aromatic products as SM (styrene monomer) and PTA (purified terephthalic acid).

An institutional investor predicted FPC and FPCC would be able to post NT$1.96 (US$0.05) and NT$2 (US$0.06) in EPS in the first half of this year, respectively. Besides, Nan Ya stands a good chance to break even in the first half if it can control losses from investments in the electronics sector.

To diversify product mix, FCFC has recently announced that it will invest independently in a poly silicon technology firm, indicating the FPG will move upstream into solar-power, from petrochemical in the energy sector. Initially, FCFC will set aside NT$300 million (US$9.11 million) to set up the poly silicon firm.

FCFC noted the proposed firm will have an annual output of 80 million units of the poly silicon. ((BS)) (GE)

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Title Annotation:Formosa Chemical & Fibre Corp.
Publication:The Taiwan Economic News
Article Type:Brief article
Date:Aug 25, 2009
Words:252
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