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Chemrez Technologies Inc. announced that its profit last year grew
five times on the back of better profit margins across most of its
products.
In a statement, the company said its net income
after tax shot up by 409 percent to P480.6 million as its
consolidated revenues grew by 62 percent to P3.79 billion from a
year ago. The company’s bottom line also benefited from improved
gross profit margins of 16.8 percent in 2007 versus 9.4 percent in
the previous year.
ChemrezTech, a producer of biodiesel, resins,
oleochemicals and powder coatings, said the improved economy last
year and implementation of the 1-percent biodiesel blend under the
Biofuels Act of 2006 were the main drivers for its revenue growth.
Its oleochemical and biopetroleum products, which include coco-biodiesel,
contributed 36 percent to total revenues. Its resins and powder
coatings businesses accounted for the balance of 64 percent.
Oleochemicals are mainly used in the soap and
detergent industry, while resins and powder coatings are used in
end-user products such as house and liquid and powder building
paints, housewares and decorative items, office and consumer
electronics, home appliances and food packaging.
-- Likha C. Cuevas-Miel
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