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FPC expected to score NT$4 EPS in 2009.

Taipei, Sept. 7, 2009 (CENS)--Formosa Plastics Corporation (FPC), Taiwan's largest plastics producer, scored NT$10.633 billion (US$323.19 million at US$1:NT$32.9) in after-tax earnings, or NT$1.74 (US$0.052) per share, in the first half of this year, standing firm as the most profitable company in the Formosa Plastics Group (FPG).

An institutional investor predicted FPC is very likely to enjoy after-tax earnings of NT$4 (US$0.12) per share in 2009.

It is expected that FPC will sustain profitable operations in the third quarter of this year, but the performance in the fourth quarter will depend on the recovery of the global economy and the trend of the oil prices.

FPC will rake in NT$10 billion (US$303.95 million) in after-tax earnings from such non-core business operations as investing in the affiliated firms of Nan Ya Plastics Corporation and Formosa Chemical & Fibre Corporation.

FPC obtained NT$71.206 billion (US$2.16 billion) in sales in the first half of this year, down 32% year-on-year. The company scored NT$12.142 billion (US$369.05 million) in pretax earnings in the first half, down 42% from a year earlier. The company attributed the first-half sales and earnings decline to the impact of the global financial tsunami and the slump in the selling prices for its major petrochemical products.

In addition, the company has recognized a 10% decline in after-tax earnings from sales of PVC (polyvinyl chloride), PP (polypropylene) and other petrochemical products produced by its subsidiaries in the U.S. and mainland China, in the first half of this year.

FPC registered NT$10.633 billion (US$323.19 million) in after-sales earnings in the first half of this year, down 47% year-on-year and shooting up 265.3% from the first quarter-Is NT$2.91 billion (US$88.44 million).

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Title Annotation:Formosa Plastics Corporation
Publication:The Taiwan Economic News
Article Type:Brief article
Date:Sep 7, 2009
Words:313
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