Food ingredients manufacturer D&L Industries Inc. said Monday net income in the third quarter doubled to P573 million from P287 million posted in the second quarter.
D&L president and chief executive Alvin Lao said in a virtual press briefing all business segments—food ingredients, specialty plastics, aerosol, and biodiesel—posted quarter-on-quarter growth as the government gradually reopened the economy.
“The recovery in the third quarter confirms that we’ve survived the worst of this pandemic. Our income for the third quarter doubled from the income recorded in the second quarter and even managed to surpass our first quarter income which was not fully impacted by the pandemic yet”, Lao said.
The strong third-quarter profit boosted D&L’s nine-month net income to P1.37 billion, still down by 32 from a year ago, but an improvement from the 43-percent earnings decline in the first half.
Export sales continued its positive momentum in the third quarter as it jumped 58 percent year-on-year and brought nine-month growth to 37 percent.