D&L net earnings hit P1.5 billion in first half
D&L Industries, Inc. said Thursday it achieved a 13-percent increase in net income in the first half of 2018 due to strong growth in its high margin specialty products.
The company said net income grew to P1.5 billion versus the P1.35 billion registered in the same period last year.
Revenues reached P13.2 billion compared to P12.7 billion last year. Of the total, exports contributed 21 percent. However, it said export revenues dropped 5 percent year-on-year, normalizing from the above-average growth seen last year.
Oleochemicals slightly overtook the food segment as the largest contributor to export revenues, accounting for 35 percent, on strong demand for high-margin coconut-derived oleochemicals from developed countries. Food ingredients contributed 33 percent of the export revenue.
“Moving forward, the company continues to work toward its target of having export sales account for 50 percent of total sales,” D&L said.
For the second quarter alone, D&L said net income increased 14 percent to P784 million, while HMSP in the same period grew 14 percent year-on-year, or twice the historical average of 7 percent.
HMSP revenue contribution was at 63 percent compared with 58 percent in 2017.
Shares of D&L ended up 20 centavos at P10.76 on Thursday.
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