Formosa Plastics (1301) Q4 2024 earnings summary

Executive summary

• Revenue for Q1 2024 was NT$48.1 billion, down 8% year-over-year from NT$52.2 billion in Q1 2023.

• Net income for Q1 2024 was NT$221 million, a sharp decline from NT$2.34 billion in Q1 2023.

• Total comprehensive loss for Q1 2024 was NT$3.61 billion, compared to a gain of NT$13.0 billion in Q1 2023.

Financial highlights

• Gross profit margin decreased to 4% in Q1 2024 from 7% in Q1 2023.

• Operating loss was NT$1.45 billion in Q1 2024, compared to operating income of NT$16.8 million in Q1 2023.

• Basic and diluted EPS for Q1 2024 were NT$0.03, down from NT$0.37 in Q1 2023.

• Cash and cash equivalents at March 31, 2024 were NT$7.1 billion, down from NT$16.4 billion a year earlier.

• Net cash used in operating activities was NT$2.31 billion in Q1 2024, compared to NT$2.89 billion in Q1 2023.

Outlook and guidance

• The company is evaluating the impact of new IFRS standards, including IFRS 18, which will affect future financial statement presentation.

• No seasonality or cyclicality factors affected operations in Q1 2024.