By U.S. News Agency / Asian

Despite tough competition, listed Chemrez Technologies Inc. reported a seven percent improvement in net income to P509 million in 2010 from P474 million the previous year.

In a disclosure to the Philippine Stock Exchange, Chemrez reported higher consolidated sales of P5.8 billion last year, up 14 percent from P5.1 billion recorded in 2009.

Chemrez said sales volume decreased by seven percent from last year, driven by the tough competition in the bio-diesel market.

Export sales was 17 percent of total sales at P991 million, three times last year's export sales value of P328 million.

"Aggressive overseas marketing boosted our export sales and expanded our markets to US, Africa, EU and Australia. Furthermore, the growth in exports was driven by the high demand for oleochemicals in overseas markets," Chemrez said.

The company said last year's revenue mix is 55 percent oleochemicals, 40 percent resins, and five percent powder coating.

"Overall, Chemrez maintains its leading market position in the Philippines. Growth is expected via new products and new export markets," it said.