Crown Asia Chemicals Corp., a listed manufacturer of plastic compounds, plastic pipes, and other related products, said Wednesday net income last year was 2 percent higher at P228.9 billion, tamed by moderate growth in total revenue and higher income taxes.
Gross revenue increased to P1.76 billion in 2022 from P1.74 billion in the previous year while income tax expenses increased to P77.4 billion from P71.3 billion.
Crown Asia said gross profit margin improved to 13 percent on year to P542 million because of price increases implemented and the decrease in unit purchase price of major raw materials used in production.
Operating expenses increased 27 percent to P241 million due to salary increases, travel and fuel costs, commissions and marketing expenses to boost sales.
Crown Asia supplies pipes to Manila Subway, North-South Commuter Railway, Skyway 3 extension, and Wawa Dam, among others. These major infrastructure projects will ensure a stream of revenue for the coming years.
The company is also slated to acquire a property and additional machineries to expand production capacity and increase storage facilities in anticipation of increased customer demand.
