Friday, 7 May 2010

Chemrez earns P160 million in Q1, up 22%

Manila Bulletin

Chemrez Technologies Inc., the country’s top biodiesel, resins and oleochemical producer, reported that its consolidated net income surged 22 percent to P160 million in the first quarter of 2010 from P131.7 million in the same period last year. The firm said in a disclosure to the Philippine Stock Exchange that higher profits were the result of strong growth for all of the firm’s product segments: Biodiesel, oleochemicals, resins and powder coating.

Biodiesel remains the biggest revenue driver, contributing about half of sales. This was due to higher sales volume, primarily brought about by the approval of the 2 percent biodiesel (B2) mandate, effective February 2009.

The green technology company reported that its consolidated revenues are back to pre-crisis (2008) levels. It reported that consolidated revenues rose to P1.4 billion in the first quarter this year from P1.15 billion in the first quarter of 2009.

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