Posted at 04/18/2011 9:10 AM | Updated as of 04/18/2011 2:35 PM
MANILA, Philippines - Publicly listed Chemrez Technologies Inc. reported that its earnings grew 28% in the first quarter of the year, mainly due to lower input costs.
In a statement over the weekend, Chemrez said its net income after tax rose to P205 million in the first 3 months from P160 million in the same period last year.
Chemrez is the country's top producer of biodiesel, resins and oleochemicals.The firm said its consolidated sales improved 7% in the first quarter to P1.49 billion from P1.40 billion in 2010. Exports accounted for 14% of revenues.
The revenue mix was steady at 63% oleochemicals, 32% resins, and 5% powder coating.
Cost of goods sold as a percentage of sales was relatively lower than in the first quarter of 2010. Chemrez attributed this to a decline in overhead and raw materials costs.
The company said its net profit margin increased to 14% from 11% last year.
Meanwhile, other income, which was mostly forex gain, increased 333% to P13 million because of the strengthening of the peso against the US dollar.