Crown Asia post 15% hike in Jan-Sept profit
MANILA, Philippines — Crown Asia Chemicals Corp., maker of premium PVC compounds and world-class Crown Pipes, reported a net income of P101.45 million in the third quarter, up five percent year on year.
In a disclosure to the Philippine Stock Exchange (PSE), Crown said sales revenue grew 15 percent on strong compound sales, which increased 25 percent to P554.16 million.
This was driven by stronger demand from both local and export markets.
PVC compounds local sales increased 19 percent, while export sales grew 32 percent.
Eugene Lee Villanueva, president and general manager of the compounds division, said the company continues to experience positive customer reception.
“We continue to experience positive turn-around and more orders compared to 2016. Our PVC compounds are traded under brand names Petrovin for local market and Technovinyl for export market ” Villanueva said.
For the pipe group, revenue increased four percent to P415.23 million despite tedious infrastructure bidding and procurement process, rights of way issues and detailed engineering designs.
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