Formosa Plastics (1301) Q3 2024 earnings summary

Executive summary

• Operating revenue for the nine months ended September 30, 2024 was NT$149.7 billion, down 1% year-over-year, with a net loss of NT$1.5 billion compared to net income of NT$10.2 billion in the prior year period.

• Gross profit margin remained at 5% for the nine-month period, while operating loss was NT$2.8 billion, reversing from operating income of NT$10.8 billion year-over-year.

• Total comprehensive loss for the nine months was NT$26.1 billion, compared to comprehensive income of NT$18.8 billion in the same period last year.

Financial highlights

• Operating revenue for Q3 2024 was NT$50.5 billion, nearly flat year-over-year.

• Net loss for Q3 2024 was NT$3.1 billion, compared to net income of NT$6.7 billion in Q3 2023.

• Basic and diluted EPS for the nine months ended September 30, 2024 were both NT$(0.24), compared to NT$1.61 in the prior year.

• Cash and cash equivalents increased to NT$14.3 billion as of September 30, 2024, up from NT$6.1 billion at year-end 2023.

• Total assets stood at NT$521.7 billion, with total equity at NT$314.9 billion as of September 30, 2024.

Outlook and guidance

• Management expects no significant impact from new IFRS amendments effective in 2025 and 2026.

• No seasonality or cyclicality factors are expected to affect operations.