MANILA - Food ingredients and chemicals manufacturer D&L Industries said on Monday that its third quarter net income stood at P573 million, an improvement from previous quarter declines brought about by the COVID-19 pandemic.
“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," D&L President and CEO Alvin Lao said.
Likewise, sales in the first nine months of the year dipped by 4 percent to P15.9 billion from P16.5 billion. Its food ingredients segment saw its sales drop by 38 percent. D&L expects the segment to recover as the economy gradually reopens.