Chemicals and ingredients manufacturer D&L Industries reported on Wednesday, August 11, that its second quarter earnings were back to pre-pandemic levels, adding that “things are much better compared to last year.”
D&L’s second quarter earnings grew 134% year-on-year to P671 million, bringing January to June earnings to P1.4 billion, a 74% increase from 2020.
Sales for the first half of 2021 reached P13.9 billion, a 37% increase from last year.
Comparing 2021 earnings to 2019 levels, second quarter figures are already 1% higher.
However, on a semester basis, earnings in 2021 are still behind by 1% from 2019.
“While Metro Manila has returned to stricter quarantine measures yet again in August, we do not expect significant impact on our businesses, similar to what we have observed in the second quarter when enhanced community quarantine and modified enhanced community quarantine were reimposed,” said D&L president and chief executive officer Alvin Lao.
Lao said that should profits hold steady for the remainder of the year, D&L would hit its 2019 income level.
D&L’s food ingredients business saw a 141% growth in the first half, while chemicals and resins posted a 37% growth.
Its specialty plastics business saw a 52% bottom-line growth. – Rappler.com