MANILA - Chemrez Technologies Inc., the country’s top biodiesel, resins and oleochemical producer, reported that its unaudited consolidated net income improved by 3% to P371.9 million in the first 9 months of 2009 from P359.4 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, ChemrezTech said its consolidated sales for the first 9 months of the year reached P3.6 billion, 1% higher than the P3.55 billion recorded during the same period in 2008.

In terms of volume, the company's sales for the 9-month period jumped 63% over the same period last year. This was primarily due to the implementation of B2 (2% biodiesel blend for all diesel) effective February 6, 2009.

Despite the huge growth in sales volume, the value of ChemrezTech's sales did not increase significantly because of lower selling prices amid weak global demand and a more intensely competitive market environment.

On the other hand, exports of other oleochemical products experienced robust growth and good prices, pushed by the high demand for fatty alcohols for the detergent, soap and cosmetic sectors in the export market.

The various resins product groups have registered mixed sales volume result for the first 9 months of 2009. And, despite lower sales volumes in certain product lines as industry sales have been generally lower due to the ongoing global economic crisis, ChemrezTech said it maintained its substantial lead in the overall market in the Philippines.

The company's net profit margin remained steady at 10% while adjusted earnings per share for the first 9 months slightly increased to P0.28 from P0.27 for the same period in 2008.