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Formosa Petrochemical's Operating Revenue Jumps 32% in July

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Formosa Petrochemical's (TPE:6505) consolidated operating revenue rose 32% year on year to NT$74.8 billion in July, according to a Friday Taiwan Exchange filing.

The growth was driven by higher petroleum product prices that more than offset lower sales volumes. Revenue from the refining business surged 42%, while the olefin business declined 22%.

Monthly, July revenue increased 18%, supported by higher sales volumes and prices as refining throughput improved with the gradual arrival of crude oil cargoes and electricity sales increased, the petrochemical firm said.

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