FPG saw Earnings Decline in Q1

Taipei, May 8, 2006 (CENS)--Major subsidiaries of the Formosa Plastics Group (FPG), including Formosa Plastics Corp. (FPC), Nan Ya Plastics Corp., Formosa Chemical & Fiber Corp. (FCFC) and Formosa Petrochemical Corp. (FPCC), saw its first-quarter earnings drop a lot from a year earlier.

Of them, Nan Ya Performed the best with after-tax earnings reaching NT$0.9 (US$0.028) by edging out FCFC as the group' s most profitable firm.

Nan Ya posted NT$41.2 billion (US$1.28 billion) in sales in the first quarter, a decrease of NT$2.8 billion (US$87.5 million) from NT$43.9 billion (US$1.37 billion) registered in the corresponding period of last year.

Despite the slight slide in sales, Nan Ya saw first-quarter earnings decline 50% to reach NT$6.85 billion (US$214.06 million) in the first quarter from NT$12.63 billion (US$394.68 million). The company posted NT$0.93 (US$0.029) in earnings per share in the first quarter, down 50% from NT$1.81 (US$0.056) posted in the like period of last year.

FPC posted NT$38.64 billion (US$1.2 billion) in sales in the first quarter, representing a decrease of NT$2 billion (US$62.5 million) from NT$40.3 billion (US$1.25 billion). But the company posted a mere NT$3.735 billion (US$116.7 million) in earnings in the first quarter, down NT$10 billion (US$312.5 million) from NT$14.51 billion (US$453.43 million) seen in the corresponding period of last year. The company registered NT$0.7 (US$0.02) in after-tax EPS for the first quarter, down 76.5% from NT$2.98 (US$0.093) in the same period of last year.

FCFC saw first-quarter after-tax earnings reach NT$3.736 billion (US$116.75 million) in the first quarter, down 76.5% year-on-year. The company posted NT$0.7 (US$0.021) in EPS for the first quarter, only NT$0.01 more than FPC' s NT$0.69 (US$0.021).

Over the past three years, FCFC was the most profitable among FPG subsidiaries. In terms of first-quarter earnings, Nan Ya has obviously overtaken FCFC' s position as the group' s top earner.