Crown Asia Chemicals sees first half profit drop 13.4%
CROWN Asia Chemicals Corp. posted a 13.44-percent drop in its first half net income, to P110.54 million from P127.7 million a year earlier, as revenues fell by 22.79 percent to P723.95 million.
The firm blamed the revenue drop on exports results and a slowdown in projects.
“Compound export sales recovered in the second quarter as it grew by 17.47 percent as compared to last year. However, it was not enough for the sales decline noted in the first quarter of this year,” Crown Asia Chemicals said in a quarterly report.
“In addition, the sales of the pipes division were also down for the first quarters of 2023 as compared to the same period last year, along with lesser private projects for the given period as well,” it added.
Other income also decreased, to P2.35 million from P3.68 million, mostly due to the appreciation of the peso against the US dollar.
Cost of sales decreased to P461.24 million from P656.83 million as sales fell and also due to lower unit costs of raw materials.
Crown Asia Chemicals is engaged in the production of plastic compounds, plastic pipes and other related products.
The firm’s shares rose by a centavo on Friday to close at P1.50 each.
#modernbusinessnetwork #modernusinessindia #modernbusinessgermany #modernbusinessasia #modernbusinesstimes #modernbusinessgulf #modernbusinessworld #modernbusinesseurope #modernbusinessamerica
