CROWN Asia Chemicals Corp. reported a 53% increase in its net income in the second quarter, driven by improved infrastructure operations, higher sales, and wider market reach.

In a regulatory filing, the listed manufacturer of polyvinyl chloride (PVC) and Crown pipes said it grew its profit to P45.74 million in the three-month period ending June from P29.86 million it booked in the same period last year.

Revenues grew 28% to P379.75 million in the second quarter from P297.52 million, year-on-year.

This led to a 27% jump in its first-half earnings to P88.4 million, as revenues rose 18% to P718.27 million. Crown Asia said the topline growth was driven by “increase in export sales, more aggressive sales efforts, broader geographic market, and market segment diversification.”

The company noted that growth was also mirrored in all its divisions, namely PVC Compounds, PVC Pipes, polypropylene random copolymer (PPR) and high-density polyethylene (HDPE) Pipes and PVC Roofing.

Crown Asia said it expects growth to be sustained for the rest of the year, as it continues with efforts to improve fuel operations and revenues.

The company also completed its 2019 dividend pay-out of P0.09 per share.

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.

It was tapped as the supplier of pipes for the Cavite-Laguna expressway and the Metro Manila Skyway Stage 3.

Shares in Crown Asia dropped 3 centavos or 1.46% to close at P2.02 apiece on Friday. — Vincent Mariel P. Galang

RELATED ARTICLESMORE FROM AUTHOR