Formosa Plastics Corporation Reports Consolidated Sales Results for March 2023
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.