Listed biodiesel processor, Chemrez Technologies, announced that in the nine months of operations in 2008 its consolidated income was flat but revenues were up due to sales of its environment friendly products. Chemrez is expecting to supply 65% of the local biodiesel requirement of the Philippines as dictated by the Philippine Biofuel Law.
Despite this, Chemrez’s stock is trading at P1.90/share against a year high P4.45 due to the economic downturn that has affected financial markets worldwide.
Chemrez Technologies said its unaudited consolidated net income from January to September stood at P359.4 million, 1.6 percent higher than the profits it booked in the same months last year. The company said consolidated revenues rose 29.5 percent due to higher sales of its “Green Chemistry” products, which use renewable sources of raw materials and engineered products with low toxicity.
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Category: Biodiesel
