Chemrez reports 7% rise in net income

Chemrez Technologies, a Philippine-based biodiesel, resin and oleochemicals company, reported a 7% rise in net income in 2010 to Php509 million (US$11.9 million), up from P474 million (US$11 million) in 2009. Consolidated sales were Php5.8 billion (US$135.4 million), up 14% from 2009. Sales volumes were down 7% in 2010, due to stiff competition in the biodiesel market. However, an aggressive overseas marketing campaign tripled export sales to Php991 million (US$23.1 million) in 2010. (April 4, 2011)