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Formosa Plastics Group units post growth

TAIPEI--Four of conglomerate Formosa Plastics Group's (FPG) subsidiaries reported an almost 6 percent year-on-year increase in consolidated sales as a whole for the 11 months of this year, group sources said.

The sales growth largely reflected rising demand and a production recovery after an end of annual maintenance, the sources said.

In the 11-month period, the four FPG units — Formosa Plastics Corp., Nan Ya Plastics Corp., Formosa Chemicals & Fibre Corp. and Formosa Petrochemical Corp. — posted NT$1.73 trillion (US$58.4 billion) in combined revenue, up 5.9 percent from a year earlier.

In November alone, the four companies posted NT$163.05 billion in consolidated sales, up 3 percent from a month earlier and up 5.7 percent from a year earlier.

Formosa Plastics, the flagship company of FPG, said it posted NT$199.54 billion in consolidated sales in the past 11 months, up 7.8 percent from a year earlier. In November, the company's consolidated sales rose 7.3 percent year-on-year and grew 5.4 percent month-on-month to NT$18.51 billion.

Formosa Plastics benefited from production restoration in two of its plants after a yearly maintenance, while demand for low density polyethylene and other chemical materials were on the rise, boosting its shipments.

For its part, Nan Ya Plastics posted NT$283.47 billion in consolidated sales for the 11 months, up 2.9 percent from a year earlier. Its November sales totaled NT$26.4 billion, up 18.3 percent from the previous year, but down 0.5 percent from a month earlier.

Nan Ya Plastics said the month-on-month decline in November sales partly resulted from slower demand for polyester chips. It added that sales momentum of materials used to make electronic goods also showed signs of slowing as customers put their orders on hold.

For its part, Formosa Petrochemical posted NT$841.74 billion in consolidated sales, up 3.2 percent from a year earlier. Last month, the company recorded NT$80.79 billion in sales, up 5.1 percent from a month earlier but down 2.8 percent from a year earlier.

Formosa Petrochemical said the month-on-month increase in November sales largely reflected higher gasoline export prices, adding that as the company boosted its ethylene production in the month, its sales recovered from a month earlier as well.

Meanwhile, Formosa Chemicals posted NT$404.86 billion in consolidated sales, up 13.6 percent from a year earlier. Its November sales totaled NT$37.35 billion, down 0.2 percent from a month earlier, but up 18.6 percent from a year earlier.

Group sources said that judging from the year-on-year sales growth of the four units, the group expects their profits for 2013 could top NT$100 billion. That could prompt the four companies to give their employees a year-end bonus of four months salaries this year.

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