By Leslie D. Venzon
MANILA, May 11 (PNA) — Listed plastic compound and pipe manufacturer Crown Asia Chemicals Corp. (Crown) on Monday said its profit in the first quarter nearly doubled on strong sales bolstered by robust construction activity.
In a disclosure to the Philippine Stock Exchange, Crown said its net income surged by 96.6 percent to Php17.2 million in January to March from Php8.7 million for the same quarter last year.
The company’s consolidated revenues from Compounds and Pipe divisions increased by 12.4 percent to Php236.9 million from Php210.7 million in the same period in 2014.
Walter H. Villanueva, chairman and Pipe Group head said they expect a further boost in revenues with the polypropylene random copolymer (PPR) plant slated to begin commercial operations in the second half of 2015.
“Crown is expected to continuously benefit from the robust construction industry as more aggressive marketing campaigns will be launched to advance market share and tap new segments,” Villanueva said.
In the first quarter, exports of polyvinyl chloride (PVC) compounds increased by 67.9 percent.
Topline growth was also primarily driven by larger order volumes from customers in the private sector and supply agreements with certain government infrastructure projects for Crown pipes. (PNA)