Crown Asia Chemicals 9-month profit hits Php70.5 M

By Leslie D. Venzon

MANILA, Nov. 11 (PNA) — Listed Crown Asia Chemicals Corp. on Wednesday said its profit surged by 60 percent in the first three quarters of 2015 on the back of higher sales.

Net income reached Php70.49 million from January to September from Php44.04 million during the same period last year.

Sales from Compounds Division increased 27.58 percent to Php514.45 million from Php403.25 million, driven by export sales which rose 69.32 percent.

Project sales boosted Pipe group sales by 29.96 percent to Php284.78 million.

Production is underway to ensure sufficient inventory levels of polypropylene random copolymer (PPR) pipes and fittings to be housed in the new storage facility scheduled to be completed by December 2015.

To date, Crown PPR pipes are being supplied to subdivisions, high rise condominiums and schools. (PNA)