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Chemrez Profit Surged 37% in 1st Half to P277M
August 3, 2008
By Abigail L. Ho
Philippine Daily Inquirer
First Posted 22:39:00 08/03/2008
http://business.inquirer.net/money/topstories/view/20080803-152424/Chemrez-profit-surged-37-in-1st-half-to-P277M
MANILA, Philippines--Sales of biodiesel and other "green" chemicals gave Chemrez Technologies Inc. a 37-percent net income boost in the first half to P276.9 million from P202.1 million in the same period last year.
In a regulatory filing, Chemrez chief finance officer Francis Caluag said the company's unaudited revenues for the first six months jumped 51.2 percent to P2.45 billion from P1.62 billion.
"The growth surge was driven mainly by the company's oleochemical segment, under which biodiesel accounted for the bulk of revenue activity," he said.
The contribution of biodiesel to the company's bottom line was better recorded this year, as first semester results reflected six months' worth of biodiesel sales to oil firms, as opposed to only two months' worth of sales recorded in the same period last year.
The 1-percent biodiesel blend mandated under RA 9367, or the Biofuels Act of 2006, only took effect in May last year.
Other oleochemicals, used mainly in the manufacture of soaps and detergents, recorded a volume increase of 117 percent on the domestic side and 66 percent on the export side.
According to Chemrez, the oleochemical and biodiesel lines contributed 57 percent of consolidated revenues.
Resins, which were used in the paint, construction and durables industries, were also key growth contributors in the first half, accounting for 39 percent of revenues.
Chemrez said its first half results were "positive indicators" of its shift to "green chemistry," with its so-called green chemistry products contributing 75 percent to its bottom line.
The company aimed to shift its revenue base to products made mainly from renewable sources and had more environment-friendly and less hazardous applications.
Chemrez recently declared and distributed a combined regular and special cash dividend of 12 centavos a share, representing a 33.2-percent payout of 2007 consolidated net income of P480.6 million.
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