CROWN ASIA Chemicals Corp. delivered a 12% revenue growth in 2017, boosted by higher sales from its pipe division.
The listed manufacturer of polyvinyl chloride (PVC) and Crown pipes booked P1.26 billion in revenues last year, higher than the P1.12 billion it posted in 2016.
Sales from Crown Asia’s pipe group went up by 3%, despite the slower implementation of infrastructure projects by the government — which the company has been banking on for further growth.
Crown Asia is a supplier for the Metro Manila Skyway Stage 3. The company will be supplying its line of Crown Pipes products for the 14.8-kilometer expressway connecting Buendia Avenue, Makati City to Balintawak, Quezon City.
Earnings after tax accordingly rose by 2% for the period, although the company noted higher operating expenses and additional expenses for pre-manufacturing start-ups of the PVC roofing division weighed on its bottom line for the year.
“The company is looking at favorable growths, both top-line and bottom line, given the favorable economic indicators and kick-in business optimism at the back of government initiatives with its infrastructure projects and funding programs,” Crown Asia Chairman Walter H. Villanueva was quoted in a statement as saying.
Mr. Villanueva added the company will be undertaking marketing efforts to sustain its growth.
Other than the manufacture of PVC compounds and Crown Pipes, Crown Asia is also engaged in the production of plastic compounds, PVC pellets, plastic pipes, and other related products for the construction and telecommunication industries.
This year, Crown Asia will be introducing PVC Roofing materials to its portfolio. The product is in line with the company’s green initiatives for construction materials, as it will provide a cooling effect that will result in power savings. Construction for the PVC roofing materials will start this second quarter.
Shares in Crown Asia lost two centavos or 1.04% to close at P1.91 apiece at the Philippine Stock Exchange on Monday. — Arra B. Francia
