Philippines’ Chemrez asserts market-leading position

The top producer of biodiesel, oleochemicals and resins in the Philippines, Chemrez Technologies Inc., said it continues to be the market leader in various fields, despite increasing competition from local and imported producers. The company said its unaudited consolidated net income in the first three quarters this year amounted to Php364 million (US$8.4 million), compared to Php 380 million (US$ 8.6 million) last year. Chemrez’ consolidated sales declined, however, by 11%, from Php4.5 billion (US$102 million) to Php 4 billion (US$ 91 million) in the first nine months of 2010, because of lower oleochemical and resin sales brought about by stiff competition. (October 24, 2011 )