MANILA -- Food and chemicals manufacturer D&L Industries posted a 12.3-percent increase in recurring net income in the first quarter of 2018 on the back of higher sales volume.
The company reported to the local bourse Thursday that its net income reached PHP744 million in the January to March period from the previous year’s PHP633 million.
Its High Margin Specialty Product (HMSP) segment, with volume growing by 13 percent, contributed 64 percent to the company’s revenue. The remaining 36 percent of revenues was accounted for by D&L commodity business, the company's report also stated.
Exports revenue contribution stood at 22 percent during the three-month period, driven mainly by food and oleochemicals.
“Moving forward, the company continues to work towards its target of having export sales account for 50 percent of total sales,” a company spokesman said in the report.
Its subsidiary, Chemrez Technologies, Inc., booked 30-percent earnings growth due to strong performance of the oleochemicals segment. Volume recovery in engineered polymers division boosted net income of the specialty plastics group by 15 percent in the first quarter.
Aerosols group booked 5-percent year-on-year net income growth after volumes grew by 11 percent. D&L Industries said the food ingredients segments posted flat earnings largely due to lower commodity sales as volumes fell 25 percent. (PNA)
