MOSCOW (MRC) -- Formosa Chemicals & Fibre Corporation, a Taiwan-based manufacturer of chemical products, posted revenue of USD64.4 billion (Taiwan dollars) in first quarter (Q1) FY20 ended on March 31, 2020, compared to the revenue of USD89.2 billion in same period prior year, said Fibre2fashion.
Company reported total loss of USD4.3 billion compared to profit of USD9.1 billion in Q1 FY19. Operating loss for the reported quarter were USD1.9 billion compared to operating profit of USD8.2 billion in same period prior year. Total other comprehensive loss for the period were USD47.2 billion compared to comprehensive income of USD11.8 billion in Q1 FY19.
Net loss attributable to owners of the parent during Q1 was USD4.6 billion compared to net income attributable to owners of the parent of USD8.5 billion in same period prior year.
The Formosa group manufactures and sells a variety of petrochemical products, including the spinning, weaving, dyeing and finishing of rayon and nylon fibre.
As MRC informed earlier, Formosa Petrochemical plans to shut down its No.3 cracker in Taiwan for maintenance in mid-August, 2020. The 1.2-MMt/y No. 3 cracker is due to be offline until end-September.
As MRC wrpte previously, Formosa took off-stream its No.2 cracker in Taiwan on 1 June, 2020. No reason for unplanned closure was given. The cracker is expected to be idle during one week. Located at Mailiao in Taiwan, the No.2 cracker has an ethylene production capacity of 1.03 million mt/year, propylene production capacity of 515,000 mt/year and butadiene production capacity of 162,000 mt/year. Formosa, Asia's top naphtha importer, operates three naphtha crackers in Mailiao. These units have a total capacity of 2.93 million tpy of ethylene.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 721,290 tonnes in the first four month of 2020, up by 4% year on year. Low density polyethylene (LDPE) and linear low density polyethylene (LLDPE) shipments grew partially because of the increased capacity utilisation at ZapSibNeftekhim. At the same time, PP shipments to the Russian market totalled 347,440 tonnes in January-April 2020 (calculated by the formula production minus export plus import). Supply exclusively of PP random copolymer increased.
Formosa Chemicals & Fibre Corp is a Taiwan-based company principally engaged in the manufacture and sale of chemical products. The main products of the Company include petrochemical plastic raw materials, synthetic fiber products and common fluid products. Its petrochemical plastic raw material products include benzene, paraxylene (PX), o-xylene (OX), toluene, styrene monomer (SM), phenol, acetone, pure terephthalic acid (PTA), polystyrene (PS), polypropylene (PP) and polycarbonate resin (PC), among others. Its synthetic fiber products include mirabilite, synthetic fiber yarn, cotton yarn, blended yarn, staple fiber cloth, long-fiber cloth and nylon yarn, among others. Its common fluid products include electricity, filtered water, chilled water, soft water, pure water and steam. The Company operates businesses in Mainland China, Asia, the Middle East, America and Europe, among others.