Higher sales boost Chemrez profit

Philippine-based Chemrez Technologies Inc. posted a 37.2% jump in net income in the first quarter of 2009 due to higher oleochemical and biodiesel sales and better margins. In a disclosure to the Philippine Stock Exchange, Chemrez said it earned Php131.7 million (US$2.76 million) in the first three months from Php96 million (US$2.01 million) a year ago. Consolidated revenue rose by 7.7% to Php1.15 billion (US$24.08 million) from Php1.07 billion (US$22.41 million) a year ago. Chemrez said coco-biodiesel sales, which were boosted by the Philippine Biofuels Law, contributed substantially to revenue growth. Higher sales volume of coco-biodiesel was dampened however by lower prices. Data from the Department of Energy showed that the total registered annual capacity of local biodiesel manufacturers expanded to 380 million liters as of March 31, more than double the 150 million liters required under the so-called “B2” mandate. (May 5, 2009)