Reported 8 months ago
Formosa Plastics reported a 20.8% decrease in 2023 revenue to NT$199.1 billion, marking a four-year low, with a post-tax net profit of NT$7.337 billion, a 79.6% year-on-year decline and a low since 2001. At the shareholder meeting, Chairman Lin Jian-nan apologized and expressed optimism for improved performance this year, revealing a partnership with NVIDIA to develop generative AI for the petrochemical industry. Lin, who is stepping down, highlighted challenges in the petrochemical market due to oversupply and low prices, emphasizing efforts to reduce costs and enhance product differentiation. The company's dividend distribution and Lin's transition to senior advisor were also confirmed.
Source: YAHOO