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Crown Asia Chemicals Corp. said profit for the first quarter of the year reached P45.43 million, up 6 percent from the prior year’s P42.66 million.
Revenues amounted to P320.75 million, down 5 percent from P338.52 million last year, due to strict government safety guidelines against the new coronavirus disease 2019 pandemic that led to a more than two months of lockdown.
The company closed the period with a cash position of P60.63 million, up 7.39 percent from P56.46 million last year as the company opted to defer payment to suppliers due to the ECQ.
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Inventories stood at 465.97 million, down 6.05 percent from P495.99 million, attributed to lesser raw materials and supplies purchases and no manufacturing operations starting March 17, 2020.
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