MYRNA M. VELASCO
Chemrez Technologies Inc., the country’s leading producer of biodiesel and other related products, posted significant jump of 572 percent in its income for the first nine months to P353 million.
In its disclosure to the Philippine Stock Exchange, Chemrez noted that its profitability was boosted by the stronger economy, buoyant peso, its continuous development of green products and stronger sales.
The company’s net income for the third quarter alone was logged at P154.8 million as compared to P11.7 million in the same period last year, based on unaudited financial statements.
According to ChemrezTech chief finance officer Francis Caluag, the year-to-date net operating or recurring income as of end-September this year was roughly 451 percent higher than recurring income as compared to year-ago level.
The company reported consolidated gross revenues of P2.74 billion, 60 percent higher than last year’s revenue.
Apart from coco methyl ester (CME) which is now widely used as blend to diesel products sold at the pumps, Chemrez is also into manufacturing of environment-friendly industrial products such as waterbased solvents, paints and resins that provide an alternative to traditional chemicals that emit harmful fumes and are nonbiodegradable.
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