Chemrez Tech reports hefty rise in first half earnings

Lower costs and steady sales lifted the net income of biodiesel manufacturer Chemrez Technologies Inc. in the year's first half. In a statement to the Philippine Stock Exchange in Wednesday, Chemrez Tech said its "unaudited consolidated net income after tax" amounted to P329 million, a 25-percent rise from the P263 million it earned in the same period last year. Sales for the period reached P2.9 billion. "The company's revenue mix was steady at 60 percent oleochemicals, 35 percent resins, and five percent powder coating. Overall, the company believes that it has been able to maintain a leading market share in the industries it is in," Chemrez Teach said. Cost of goods sold as a percentage of sales was six-percent lower than the same period in 2010. The lower cost of sales also resulted in gross profit margin which was 10-percent higher at P439 million in first half of 2011 than the P400 million in the same period in 2010," Chemrez Tech said. -- CMA/OMG, GMA News