Chemical Industries’ net loss narrows to P2M

CHEMICAL Industries of the Philippines, Inc. registered a net loss of P2 million in the second quarter, seven times lower than the P14.71-million loss posted a year ago, on lower operating expenses.

The company’s topline for the three months ending in June was at P633,113, almost three times lower than the last year’s P1.87 million as stated in its quarterly report.

Chemical Industries disclosed that there were no sales revenues for both second quarters of 2022 and 2021 as revenues came from rent.

It also reported a decrease in its other income, which the company attributed to the termination of leasing activities in April.

Consolidated other income for the second quarter reached P217,148, a decrease of 0.85% from the P218,997 recorded last year.

Meanwhile, the company’s expenses for the second quarter amounted to P2.91 million, six times lower than last year’s P18.59 million.

“The decrease in operating expenses was mainly due to payment in clearing the Pasig property in 2021,” the company said.

The bulk of the company’s expenditures is made up of its expenses for outside services, which amounted to P1 million, 17 times lower than last year’s P17.21 million.

In the first half, Chemical Industries’ net loss amounted to P5.62 million, almost four times lower than the previous year’s P19.21 million.

Its year-to-date revenue decreased by 46.2% to P2.07 million from P3.85 million previously.

The company posted an almost three times decrease in operating expenses for the first half to P7.91 million from the recorded P23.45 million last year.

Chemical Industries and its subsidiaries are primarily engaged in the manufacture and sale of distribution of industrial chemicals and lease of office space.

Its subsidiaries include CAWC, Inc., Kemwater Phil. Corp. and Chemphil Manufacturing Corp.

On the stock market on Tuesday, shares in Chemical Industries ended unchanged at P125.20 apiece. — Justine Irish D. Tabile