Formosa Petrochemical warns of lackluster Q2

Formosa Petrochemical warns of lackluster Q2

2023-05-25

Formosa Petrochemical has posted less-than-expected first-quarter earnings – and it’s warning of even worse results in Q2. At its Thursday shareholders meeting, the refiner reported pre-tax profit of NT$5.3 billion, which the chairman called unsatisfactory. The firm said that global oil prices have not bounced back as expected. As a result, Q2 profits will be even worse than Q1, and oil prices may only return to US$80 a barrel toward the end of the year.

Chen Pao-lang
Formosa Petrochemical
Our first-quarter pre-tax profit was NT$5.3 billion, which we don’t find satisfactory.

The four major subsidiaries of Formosa Plastics Group will hold their shareholders meetings in late May. Leading the way was Formosa Petrochemical, with a Thursday conference convened by Chairman Chen Pao-lang . Although the firm staged a turnaround in the first quarter to make more than NT$4.43 billion in profit, the chairman said he was unsatisfied with overall performance. He said that due to international factors, the recovery in oil prices was not meeting expectations, and so profits in the second quarter would not be better than the first.

Chen Pao-lang
Formosa Petrochemical
Many changes are taking place around the world, and none are under my control. So we will post losses in May. It will be unlike January, February and March, when we made profits, profits all three months. Q2 will not be better than Q1.

In the first half of 2022, Formosa Petrochemical’s exports grew amid Russia’s invasion of Ukraine and a greater imbalance in supply and demand for oil products. But in the second half of the year, inflation, lockdowns in China, and economic stagnation delivered losses. Over the entire year, Formosa Petrochemical posted consolidated revenue of NT$848 billion, up 36.8% from 2021. Earnings per share stood at NT$1.51. At Thursday’s conference, the company announced a dividend per share of NT$1.1, a stark difference from last year’s NT$3.8.

Chen Pao-lang
Formosa Petrochemical
This year, the impact from inflation and the Russia-Ukraine war remains. We have to stay especially cautious.

As for the outlook this year, Chen reiterated that demand for petrochemical products had not recovered as expected. In addition, profit margins were falling for previously better-performing products like diesel and aviation fuel. He said that the company would be flexible in its operations, while working to strengthen its fundamentals and competitiveness.

台塑化股東會陳寶郎:原油價格復甦不如預期

2023-05-25

台塑化週四召開股東會，去年全年繳出合併營收8480億元，年增36.8%、EPS1.51元，會中通過每股配息1.1元。董事長陳寶郎坦言，受到國際局勢影響，原油價格復甦不如預期，因此認為Q2獲利不會比Q1好，而且油價到年底才會回到80元以上。

[[台塑化董事長陳寶郎]]
“我們第一季的稅前盈餘53億，但這個對我們來講，這個我們並不滿意。”

台塑四寶股東會，5月下旬陸續登場，25號由台塑化打頭陣，由董事長陳寶郎親自主持，儘管今年第一季上演大逆轉，單季獲利44.35億元轉虧為盈，但他還不是很滿意，更坦言，受到國際局勢影響，原油價格復甦不如預期，Q2獲利不會比Q1好。

[[台塑化董事長陳寶郎]]
“一大堆的國際局勢在變化，那個都不是我可以掌控，所以看起來因為5月會虧損，不像我1月、2月、3月都賺錢，我3個月都賺。Q2不會比Q1好。”

回顧2022年台塑化營運情形，儘管上半年俄烏戰爭爆發，油品價差供需失衡擴大，帶動台塑化外銷獲利提升，但下半年又遭遇通膨和中國封城，經濟發展停滯，營運陷入虧損，全年繳出合併營收8480億元，年增36.8%、EPS1.51元的成績，會中通過每股配息1.1元，有別於去年的3.8元。

[[台塑化董事長陳寶郎]]
“今年以來通貨膨脹，跟俄羅斯烏克蘭的戰爭一直在持續，所以對我們衝擊還在。我們要特別保持謹慎。”

針對今年展望，陳寶郎表示，近幾個月石化產品需求，復甦不如預期，柴油、航燃等原本表現較好的產品，利差也有所回落，營運上維持靈活與彈性，並會持續強化公司體質與競爭力。

Related News

House special committee approves 10 policy recommendations for Taiwan

2023-05-25

Nvidia surges on AI, CEO Jensen Huang lands among Top 50 global billionaires

2023-05-25

Rakuten Girls perform at Angel Stadium on Taiwan Day

2023-05-25

Taiwan’s Fang Hsin-chiao creates ‘Circular Tea Room’ for Venice Biennale of Architecture

Taiwanese art is having a moment at the 2023 Venice Biennale of Architecture. Celebrated architect Fang Hsin-chiao was invited by the European Cultural Centre to contribute to the prestigious festival. Her response was a major installation based on Taiwanese tea culture, featuring symbols of Taiwan’s landscape made from sustainable materials. The “Circular Tea Room” is also an interactive venue. Visitors from around the world can get creative with the sensory potential of tea. We go now to Venice to learn more.

A mother brings her child up close for a sniff. It seems to pass the test. These Taiwanese tea leaves have traveled halfway round the world to Venice, to bring Taiwan’s tea culture to Italy.

Architect Fang Hsin-chiao was invited by the European Cultural Centre to bring the “Circular Tea Room” to the 2023 Venice Biennale of Architecture. The building is made entirely of recycled materials. On the roof, a symbolic representation of Taiwan’s great mountain range, and a sketch of Taiwan’s forests, made of Taiwanese timber.

Fang Hsin-chiao
Taiwanese architect
We used so-called PET bottles, recycled into fabric. In the center is Taiwanese timber from the Forestry Bureau’s sustainable plantations, a Japanese cedar. The floorboards are made of tea leaf waste, in a collaboration with the Tea Research and Extension Station.

The semi-open space in the park offers various activities, letting visitors make design experiments in sight, sound, smell, touch and taste, and introducing Taiwanese tea culture. The simple gesture of pouring hot water over leaves has been worked into this performance by an artist.

Fang Hsin-chiao
Taiwanese architect
All the visitors – from Italian and German people, to the Japanese biennale organizers who we invited – have all been very surprised. They want us to create more events to introduce Italy to Taiwan.

The whole project conveys a message of symbiosis with nature, attempting to make sustainable living not just a slogan. It’s also an avenue for Formosa’s unique tea traditions to find new enthusiasts from around the world.

2023-05-25

Taichung resident donates NT$39.4 million of NT$100 million lottery prize

2023-05-25

Tsai thanks doctors for taking Taiwan’s compassion to Ukraine

2023-05-25

Ko Wen-je meets former President Chen Shui-bian in Tainan

Turning now to the election. Presidential candidate Ko Wen-je met up with former President Chen Shui-bian in Tainan on Wednesday. The ex-president posted a photo of the two together, saying they spoke about the economy and Taiwan’s wealth gap. The visit is seen as Ko’s latest effort to court deep-green supporters. But a DPP lawmaker says that no matter his efforts, Ko will not be the choice of the nativist faction.

Taiwan People’s Party Chairman Ko Wen-je campaigned in Tainan on Wednesday, touting his political achievements. He stopped by a temple before giving a university lecture. He also had a meeting with former President Chen Shui-bian.

On social media, Chen shared a photo of himself shaking hands with Ko, and wrote that Ko did not come seeking campaign support. Instead, Chen said, Ko visited in his capacity as the first convener of Chen’s medical team. Ko also sought advice on how to strengthen the economy and close the wealth gap.

Vicky Chen
Ko Wen-je office spokesperson
Ko considers Chen Shui-bian to be a political predecessor. With this predecessor, Ko – whether in his role as Taipei mayor or as presidential candidate – can engage in exchanges regarding political experiences and thoughts.

Ko’s office said the two met for roughly an hour, and that Ko mainly consulted Chen about city and national governance. But the visit is seen as Ko’s latest attempt to court the deep-green camp.

At his May 20 press conference announcing his candidacy, there were members of Chen’s medical team in the audience, including a physician and the team’s spokeswoman. Also present were former Taiwan Solidarity Union Chairman Shu Chin-chiang and former TSU Legislator Hsu Chung-hsin. Political watchers say Ko is working to reconnect with his deep-green roots, to expand his voter base. A DPP lawmaker says it won’t work.

Hung Sun-han
DPP lawmaker
These past few years, Ko Wen-je has pushed the line that the two sides of the strait are one family. Any partners with a nativist consciousness would be very aware of that. Ko Wen-je’s long-time stance on cross-strait affairs will not make him the choice of the nativist faction.

As Ko continues his campaign, the green camp is urging supporters not to be misled.

2023-05-25

Students create videos for endangered animals competition

To raise awareness of animal conservation, a tourism group and a cultural foundation held a competition called “Zookeeper Junior.” Children were invited to submit videos, drawings, or other works that introduce endangered animals. More than 100 works were submitted over two months. FTV reporter Stephany Yang meets the young winners and finds out more about their works.

Speaking fluent English, he gives a PowerPoint presentation about Formosan black bears. This is Kuo Han-tien, the first-place winner in the English individual category. Kuo hopes that his presentation can bring to light the crisis that Formosan black bear faces.

Kuo Han-tien
Winner
I chose Formosan black bear for my topic because I think they were cute and the first animal in my mind when I heard the topic about endangered animals are Formosan black bears. I want to work with non-governmental organizations to let the Formosan black bear stay in Taiwan and don’t go from endangered to extinct.

There’s also this brother-and-sister duo who played the role of a news anchor and reporter. Their presentation was about the challenges faced by Taiwan’s leopard cats.

Huang Yun-hui
Winner
I previously participated in a news anchoring competition. I was in charge of speaking, and my brother was in charge of acting. We had a good time working with each other.

To encourage animal conservation, a tourism group and cultural foundation held a competition inviting children to introduce endangered animals through a variety of mediums, such as videos, graphics, and drawings. Over two months, 100 works were submitted, putting the spotlight on Formosan black bears, leopard cats, rhinos, and other endangered animals.

Chuang Feng-ju
CEO
We saw that many works were very well done, but this time the works pertained to animal conservation, so the accuracy of the information was also very important.

Organizers held an award ceremony to honor the young winners. It hopes that through the competition, it can raise public awareness about animals and biodiversity issues in Taiwan.

2023-05-25

Onions offer wealth of nutrition and health benefits, especially when eaten raw

The humble onion is one of the most common vegetables. But in terms of nutrition, it’s a superstar, full of vitamins C and B, and high in antioxidants. Doctors say it can help reduce inflammation, lower blood sugar, and even prevent dementia. But did you know that eating onions raw is the best way to make the most of their nutritional value? Cooking with a high temperature destroys lots of the goodness. We spoke to some experts to get the lowdown.

An onion is chopped swiftly and bathed in ice water to remove the slime.

Chen Huang-jen
Chef
Its mucus membrane drops off, so it tastes better and has higher nutritional value.

The water is drained, and quick-boiled seafood is added along with a delicious sauce. A simple and nutritious onion-based dish is served. This little vegetable is not to be overlooked nutritionally. It’s full of vitamins C and B and potassium ions.

Ou Nai-chia
Nutritionist
Onions contain excellent antioxidants, which can inhibit free radicals. So it’s useful for everything from preventing cancer to fighting germs, reducing cholesterol, lowering blood lipids, preventing heart disease, and controlling blood sugar levels.

Huang Po-yao
Cathay General Hospital
The anthocyanidins they contain, and the quercetins and phytochemicals, are so good for you, because they have excellent antioxidant properties. It’s not just preventing dementia, actually it’s extremely effective for all kinds of degenerative conditions, including degeneration of the cardiovascular system and the digestive tract, and various movement functions.

Onions have a distinctive taste, however they’re prepared. But doctors say they’re even better for you if you can stomach them raw.

Huang Po-yao
Cathay General Hospital
The piquant flavor is a stimulant for our brain, and it can make our cranial nerves maintain a lively state.

Ou Nai-chia
Nutritionist
We don’t want to cook our onions with too high a heat, like frying or stir-frying on a hot flame. We want to reduce that, so that we can get a higher proportion of the flavonoids.

High temperatures destroy the nutritional value of onions. But it’s also easy to eat too many raw onions and give yourself diarrhea, so if you’re enjoying an onion salad, just take a little at first, until you get used to it.

2023-05-25

Typhoon Mawar approaching, strongest impact likely early next week

The second typhoon of the season, Mawar, intensified into a severe typhoon Thursday morning after churning through Guam. The storm is still far from Taiwan, but forecasters are closely tracking the storm to predict its potential impact. The strongest impact from the storm will likely be felt next Monday to Wednesday.

Typhoon Mawar is on the prowl and even its periphery is intense, according to the Central Weather Bureau’s director.

The path of the storm will become clearer next week.

Kuan Shin-ping
CWB forecaster
It could veer toward Luzon Island. Or it could veer into the open sea when it’s a little closer, or a little farther. There’s a fairly large degree of divergence in the paths it could take. So whether it turns north next Monday or Tuesday will be most critical to our forecast.

As of 2 p.m. on Thursday, the storm was located at 14.5 degrees north latitude and 142.8 degrees east longitude, moving west at a speed of 24 kilometers per hour. When it reaches the east coast of Luzon Island, in the seas southeast of Taiwan, it may start to turn north. From next Monday to Wednesday, the impact on Taiwan is likely to be the most severe.

Kuan Shin-ping
CWB forecaster
The southeast side
As it moves toward the southeast side of Taiwan, it could start to turn north. As it approaches, in the period from next Monday to next Wednesday, the typhoon’s peripheral effects will be felt mainly along the North Coast, including Keelung; the East Coast; the Hengchun Peninsula; and the greater Taipei area.

Most of this weekend won’t be affected by the typhoon, forecasters say. But starting Sunday afternoon, the approach of the storm’s periphery will drive in northeasterly winds, bringing rain to windward parts of Taiwan. The CWB says it may issue a sea warning next week.

Kuan Shin-ping
CWB forecaster
After it enters the outer East Sea and moves northeast, we may issue a sea warning. For now it appears that a typhoon warning won’t be a concern until after next Monday.

The CWB says it will continue tracking the storm, and that it’s still unclear when and how Mawar will make its northward turn.

2023-05-25