PVC pipes maker Crown Asia Chemicals Corp. said the company has been tapped to supply Skyway 3, a 14.8-kilometer, six-lane elevated expressway linking Buendia Avenue in the south to Balintawak in the north.
Product lines of Crown Pipes will be used throughout the Skyway 3, which will prevent flooding along the expressway and ensure its operability at all times.
Citra Tollways Corp. will build and operate the Skyway 3 expressway project. It is one of the highlights of the country’s public-private partnership projects geared toward improved efficiency in the delivery of public services aside from generating savings and additional revenues to the government.
“Our company will continue to be a reliable partner in infrastructure projects to help build economic progress in the country,” said Derrick Villanueva, general manager for the PVC Pipes division.
Listed in the Philippine Stock Exchange on April 27, 2015, Crown Asia recently declared a cash dividend of P0.09 per share on March 24, payable in two tranches.
The company’s first-quarter net income grew 18 percent to P38.03 million from P32.2 million for the same quarter of the previous year.
Consolidated revenues grew by 16 percent to P321.28 million from P277.3 million in 2016.
Pipe group sales for the quarter increased by 11 percent to P145.25 million from P130.6 million last year due to sustained growth of project sales.
Project sales increased by 16 percent to P91.58 million from P78.71 million last year.
Project sales comprising 63 percent of total pipe group sales is expected to be a major thrust for the group in line with the robust infrastructure program of the government, the company said.
Its compounds-division sales revenues increased by 20 percent to P176.03 million from P146.66 million of the same period the previous year due to the increase in sales volume in both export and local markets.
“We expect this upward trend for PVC compounds sales will sustain for the year as a manifestation of our customers’ trust, both export and local, in our product dependability. We are also well positioned to expand our markets,” said Eugene Lee Villanueva, the company’s president and general manager for compounds division.