Chemical Industries net loss narrows to P2M
CHEMICAL Industries of the Philippines, Inc. reported a net loss of 2 million pesos in the second quarter, seven times lower than the loss of 14.71 million pesos recorded a year ago, due to lower expenses in exploitation.
The company’s revenue for the three months ending June was 633,113 pesos, nearly three times lower than last year’s 1.87 million pesos, as reported in its quarterly report.
Chemical Industries disclosed that there was no sales revenue for the second quarters of 2022 and 2021, as revenue came from rent.
It also reported a decline in its other income, which the company attributed to the end of rental operations in April.
Consolidated other income for the second quarter reached P217,148, down 0.85% from P218,997 recorded last year.
Meanwhile, the company’s expenses for the second quarter were 2.91 million pesos, six times lower than last year’s 18.59 million pesos.
“The decrease in operating expenses is primarily due to payment for the clearance of the Pasig property in 2021,” the company said.
The bulk of the company’s expenses are its expenses for outside services, which amounted to 1 million pesos, down 17 times from last year’s 17.21 million pesos.
In the first half, the net loss of Chemical Industries amounted to 5.62 million pesos, almost four times less than the 19.21 million pesos of the previous year.
Its turnover since the beginning of the year fell by 46.2% to 2.07 million pesos against 3.85 million pesos previously.
The company posted a nearly three-fold decrease in operating expenses for the first half to 7.91 million pesos from the 23.45 million pesos recorded last year.
Chemical Industries and its subsidiaries are principally engaged in the manufacture and sale, distribution of industrial chemicals and the rental of office space.
Its subsidiaries include CAWC, Inc., Kemwater Phil. Corp. and Chemphil Manufacturing Corp.
In the stock market on Tuesday, shares of Chemical Industries ended unchanged at P125.20 apiece. — Justine Irish D. Tabile