This came on the back of 21% higher revenue y-o-y of RM252.06 million. “The group recorded higher sales of RM252.1 million, an increase of 21% from the previous year’s corresponding quarter of RM208.2 million, mainly attributable to higher sales volume and change in sales mix. On a quarter on quarter (q-o-q) basis, Formosa’s net profits fell 25.4% from RM28.22 million recorded in the fourth quarter ended Dec 31, 2021. The much lower net profits outpaced the 3.3% q-o-q drop in revenue, which highlights issues of higher raw materials and operating costs during the quarter under review. Besides that, as a manufacturer, Formosa will also be facing higher operating costs as the new minimum wage standard is being implemented in Malaysia, the group said.

Source: The Edge Markets May 27, 2022 18:18 UTC