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Formosa Plastics sees oil bottoming out, lowers price target

Taiwan's largest industrial group posts big drop in April-June profit

President Tsao Mihn, first from right, of Formosa Petrochemical expects crude oil prices to rebound later this year. (Photo by Cheng Ting-Fang)

TAIPEI -- Taiwan's largest industrial conglomerate Formosa Plastics Group on Monday said it expects oil prices to rebound in the second half of 2017 after falling global crude hit its April-June net profit.

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