TAIPEI – Nan Ya Plastics overcame widespread factory shutdowns to register a profit in the first quarter.

Revenue for the business fell 8.5% to NT$65.6 billion (US$2.2 billion). But while net profit fell 75.8% sequentially, it remained in the black at NT$1.01 billion for the quarter.

The performance of the electronic components business improved, with the PCB business turning a profit thanks to growing demand from the deployment of 5G technologies.

The four major subsidiaries of Formosa Plastics Group reported combined losses of NT$14 billion, the company’s lowest financial performance in five years, according to reports. The firm cited the Covid-19 pandemic as the reason for poor performance.

Ed.: NT$1 = US$ 0.033