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June 23, 2017

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FPG's earnings in past 6 months driven by Nan Ya

TAIPEI -- Nan Ya Plastics Corp.'s (南亞塑膠) investments in the memory chip industry helped drive earnings growth at four listed subsidiaries of Formosa Plastics Group (FPG,台塑集團) over the past six months, according to data from the conglomerate.

In the past six months, the four FPG units — Nan Ya, Formosa Plastics Corp., Formosa Chemicals & Fibre Corp., and Formosa Petrochemical Corp. — posted NT$54.6 billion (US$1.83 billion) in net profit, up more than 30 percent from a year earlier.

Over the six-month period, Nan Ya recorded NT$19.35 billion in net profit, a huge increase of 79.1 percent from a year earlier, with earnings per share (EPS) of NT$2.44, up from the NT$1.36 EPS seen a year ago.

Nan Ya said that as the global dynamic random access memory (DRAM) industry benefited from a tight supply, its investments in Nanya Technology Corp., which has turned a profit, have paid off.

Market analysts said that as a DRAM supply will remain tight due to strong demand for mobile devices in the second half of this year, Nanya Technology is expected to ride the uptrend, further lifting Nan Ya's profitability.

Nanya Technology has also cut its capital size by about 90 percent to NT$23.96 billion in late June, as major shareholder Nan Ya pocketed NT$2.54 billion in gains in the first half of this year.

Nan Ya said it has also benefited from rising demand for plastics materials for production of electronics ranging from smartphones to servers and gaming consoles, strengthening its bottom line.

In the first half of the year, Formosa Plastics posted NT$10.93 billion in net profit, up 27.1 percent from a year earlier, with EPS at NT$1.72, while Formosa Chemicals & Fibre's net profit fell 24.8 percent from a year earlier to NT$9.16 billion with EPS at NT$1.57.

During the same period, Formosa Petrochemical registered NT$15.19 billion in net profit, up 49.3 percent from a year earlier, with EPS at NT$1.59.

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