Chemrez predicts profitable year for Philippine biodiesel

Chemrez Technologies is holding on for a profitable year in the Philippines’ biodiesel sector, according to financial data released to the Philippine Stock Exchange. The local biodiesel producer, which makes most of its biodiesel from coconut oil, said revenues reached Php3.55 billion (US$74.8 million) in the first nine months of the year, up 29.5% from the same period in 2007. Net after-tax income rose by 1.6% to Php359.4 million (US$7.5 million), as high feedstock prices squeezed its margins. Chemrez said it was lifting sales volumes, and that it was on target to supply about 65% of the country’s coco-biodiesel, up from 55% registered for the eight months in 2007 following the implementation of the Philippine Biofuels Act. (November 17, 2008)