Financial Wire

Formosa Plastics' Revenue Edges Up in March; Shares Rally 9%

-- Formosa Plastics (TPE:1301) logged consolidated revenue of NT$17.4 billion for March, up 1.5% from a year earlier, according to a Friday Taiwan Exchange filing.

Shares jumped about 9% in Monday's afternoon trade.

Monthly, the revenue surged 61.6%, driven by higher sales volume and prices following fewer working days in the prior month due to the Lunar New Year holiday.

The company said demand improved as customers restocked amid supply concerns linked to the US-Iran conflict, while stronger crude oil and petrochemical prices lifted product pricing.

However, price gains were partly offset on an annual basis by lower average selling prices for key products such as PVC, polyethylene and caustic soda, as well as a stronger Taiwan dollar, it said.

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