ChemrezTech sees strong biodiesel sales
Filipino manufacturer Chemrez Technologies has reported a 37.2% jump in net income to €2 million in Q1 2009 from €1.4 million in the same period last year, owing to strong oleochemical and biodiesel sales, as well as higher margins.
The company largely attributed the revenue growth to the surge in domestic demand for coconut-based biodiesel or coco-biodiesel after the government stepped up the required biodiesel blend from 1 to 2% in February.
However, it said the increase in coco-biodiesel volume sales was partially dampened by lower selling prices on the account of declining coconut feedstock costs and a more intensely competitive market environment.
Latest data from the Department of Energy showS that total registered annual capacity of local biodiesel manufacturers has expanded further to 380 million litres as of 31 March 2009, more than double the 150 million litres required under the 2% blend mandate.
The company largely attributed the revenue growth to the surge in domestic demand for coconut-based biodiesel or coco-biodiesel after the government stepped up the required biodiesel blend from 1 to 2% in February.
However, it said the increase in coco-biodiesel volume sales was partially dampened by lower selling prices on the account of declining coconut feedstock costs and a more intensely competitive market environment.
Latest data from the Department of Energy showS that total registered annual capacity of local biodiesel manufacturers has expanded further to 380 million litres as of 31 March 2009, more than double the 150 million litres required under the 2% blend mandate.
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