MANILA, Philippines - Chemrez Technologies Inc., the country’s top biodiesel, resins and oleochemicals producer, said Tuesday its first-half earnings grew 25% as lower costs offset weak sales.
In a disclosure to the Philippine Stock Exchange, ChemrezTech said its unaudited consolidated net income after tax rose to P329 million in January to June 2011 from P263 million in the same period last year.
This despite a 4% drop in consolidated sales to P2.9 billion from P3 billion last year.
ChemrezTech said it experienced tight competition in the biodiesel market as a result of oversupply.
Cost of goods sold as a percentage of sales was down 6% from 2010 due to lower overhead and raw material costs.
Selling and marketing expenses likewise decreased by 18% to P39.2 million. Administrative expenses rose 16% to P49.1 million.