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FINWIRES

Formosa Chemicals and Fibre's Profit Drops in Q2

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Formosa Chemicals and Fibre (TPE:1326) said second-quarter net profit attributable to shareholders fell to NT$6.09 billion, or NT$1.04 per share, according to a Thursday Taiwan Exchange filing.

The company attributed the decline to scheduled plant turnarounds and volatile petrochemical prices.

Revenue for the three months, however, rose 6.6% quarter on quarter to NT$87.2 billion.

In a separate filing on the same day, the company said June consolidated revenue rose 12% year on year to NT$27.7 billion.

The figure increased 1% from May, as higher shipment volumes following plant turnaround completions offset lower petrochemical prices after easing geopolitical tensions in the Middle East.

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