D&L Companies , Inc. is expecting to see stronger outcomes in 2021 as companies strive to properly respond to government anti-coronavirus initiatives.
The listed manufacturer of food products, specialized plastics and chemicals posted a net income of P573-M in Q3 on Monday, down 7 percent from the same time a year earlier, but double the P287 million registered in the previous quarter.
D&L President and CEO Alvin D. Lao said in a virtual press conference that the business is slowly growing since the difficult first half and is hopeful that the uptrend will continue until the end of the year.
In Q4 quarter, we are hopeful. We agree that the rise we saw in the third quarter will most probably continue as more citizens become acquainted with the pandemic, “Lao said.
Over the three-month span, the firm reported P5.75 billion revenue, down 4% from a year earlier. Exports accounted for P1,8 billion or 32% of overall revenue , up 11% from 21% in the third quarter of 2019.
Net profits from the chemical sector (down 2% to P226 million), specialized plastics (down 0.5% at P135 million) and consumer goods (up 72% to P89 million) both hit similar to or beyond their peaks in the same time in 2019 by market category. The food division, however, continued to suffer, reporting a 38 percent lower net income at P155 million.
Mr. Lao related this to the changing customer preferences, and owing to the current pandemic, many persons either did not or should not venture out. He noticed that several restaurants are either closed or capacity-limited.