Formosa Plastics Corporation reported consolidated sales results for March 2023. Compared consolidated sales in March and February 2023: The consolidated sales of TWD 20.11 billion in March 2023 increased by TWD 2.42 billion and was up by 13.7% from February 2023. The sales volume and price both increased. The reasons were as follows: The sales spread of volume increased by TWD 1.95 billion. The total sales volume of each main product of the Company in March 2023 increased by 75,000 MT from February 2023, given part of the orders scheduled for February had been postponed to March for delivery to accommodate the customers' shipping schedule, and customers willingness to purchase materials increased as on-seasonal demand for petrochemical products started from March. Compared consolidated sales in March 2023 and March 2022:
The consolidated sales of TWD 20.11 billion in March 2023 decreased by TWD 6.35 billion and was down by 24% from March 2022. The sales price and volume both declined. The reasons were as follows: The sales spread of price decreased by TWD 5.07 billion. The average price of each product of the Company in March 2023 was down by 11%-48% from March 2022, because of the declined terminal demand and customer purchasing power caused by the accelerated interest lifting against inflation in the US and EU, and the average spot price of the Dubai crude oil, ethylene and propylene down by 29.2%, 28.6% and 24.6% respectively,
even though the price of crude oil and petrochemical products had been pushed up in March 2022 due to the war between Russia and Ukraine since the end of February 2022.