Formosa Q3 results show improvement
By Anthony Clark
PLASTICS & RUBBER WEEKLY
TAIPEI (November 1, 2009) Taiwan’s Formosa Plastics, one of Asia's top petrochemical producers, posted a net Q3 profit of T$9.2 billion (1.9 billion yuan) compared with a second quarter profit of
T$7.7 billion (1.6 billion yuan). The firm saw its shares slide 1.7 percent, roughly in line with market expectations, according to Reuters.
However, the longer term outlook seems favorable following comments made by Wang Yi, head of China's Taiwan Affairs Office of the State Council. He outlined plans for further dialogue with China,
suggesting that the country was willing to negotiate on economic cooperation. Plastics could be a beneficiary from the talks.
Formosa Plastics is one of Taiwan’s top ten companies in terms of total asset value and is the only firm on the list not involved in the country’s banking and financial sector.
Earlier this month, the chemicals giant agreed to a US$12.8 million (87.4 million yuan) pollution settlement to control emissions violations at two plants in the US.
Plastics News' extensive coverage of NPE2009, North America's largest plastics trade show, included 17 news videos
shot on-site in Chicago. View the English-language clips here.
