Food ingredients and plastics producer D&L Industries Inc. reported a 31-percent decline in the first quarter earnings but expects overall conditions to slowly improve as businesses start to reopen and adapt to the new normal.
DNL president Alvin Lao in an online press briefing said recurring income reached P515 million in the first quarter of 2020, down from P748 million recoin the same period last year.
First quarter revenues for the period declined by three percent to P5.7 billion from P5.88 billion in the same period last year.
“I think the worst is over. I don’t think things will get worst but things will not be back to normal for a while,” Lao said.
Sales volume for food ingredients during the period actually rose 22 percent, mostly for commodities such as edible oils, as consumers cooked more at home instead of buying from restaurants.