CROWN ASIA Chemicals Corp. grew its net profit by 9.21% in the third quarter of 2018, even as revenues decreased due to slower exports and infrastructure projects during the period.
In a regulatory filing, the listed manufacturer of polyvinyl chloride (PVC) and Crown pipes reported a net income of P34.80 million in the July to September period, higher than the P31.87 million posted in the same period a year ago.
This pushed net profit to P104.33 million in the nine months ending September, 2.84% higher than the P101.45 million recorded in the same period in 2017.
Revenues meanwhile dropped by 6.78% to P304.26 million during the quarter, resulting to a 5.84% decline to P912.79 million in the first nine months of the year. “This was due to the decrease in export sales and slower infrastructure projects,” Crown Asia said.
The company sources its revenues from its compounds and pipes groups. The compounds segment includes PVC compounds such as wires and cables, films, sheets, and bottles, among others. Its pipe group meanwhile has a line of PVC potable pipes and fittings, electrical conduits, flexible electrical pipes, and sanitary pipes.
At the same time, the company was able to lower the cost of sales to 6.71% to P651.53 million from P698.39 million in the first three quarters of 2017, attributed to its management of manufacturing overhead.
Incorporated in 1989, Crown Asia engages in the production of plastic compounds, plastic pipes, and other related products which are used directly and indirectly in the construction and telecommunications industries.
The company was previously tapped to supply pipes for the P35.68-billion Cavite-Laguna expressway, which spans 44.6 kilometers. It is also the supplier for the Metro Manila Skyway Stage 3, a 14.8-kilometer expressway connecting Buendia Avenue, Makati City to Balintawak, Quezon City.
Shares in Crown Asia ended flat at P1.60 each at the stock exchange on Monday. — Arra B. Francia
