CROWN ASIA Chemicals Corp. posted a 6% increase in earnings in the first quarter despite a 5% decline in sales due to the coronavirus disease 2019 (COVID-19) pandemic.
The listed manufacturer of polyvinyl chloride (PVC) compounds said its net income in the three-month period stood at P45.43 million, up from P42.66 million in the same period last year.
The increase came amid a drop in revenues to P320.75 million from P338.52 million last year, which the company attributed to lower domestic sales due to quarantine measures that started in mid-March.
Crown Asia said its higher bottomline can be linked to the decrease in finance costs because of the repayment of car loans and foreign exchange rate differentials during the three-month period.
The company’s gross expenses stood at P256.15 million at the end of the quarter, down 8% year-on-year.
“[W]ith the advent of COVID-19 pandemic, the company will continue with its best efforts to sustain revenue and earnings growth, barring the economic barriers from local economic and world health and geopolitical issues,” it said in a statement.
Crown Asia distributes its products such as wires, cables, films, sheets, bottles, potable pipes and fittings, electrical conduits, flexible electrical pipes and sanitary pipes across the world. These are used directly and indirectly in the construction and telecommunications industries.
Shares in the company at the stock exchange closed flat on Tuesday at P1.74 apiece. — Denise A. Valdez