D&L Industries Inc., the country’s top specialty food ingredients and oleochemicals producer, posted a 28 percent decline in net income to P1.24 billion in the first half of 2023 due to the high volume orders from prior periods coupled with the lingering effects of high inflation and generally cautious consumer sentiment.During a media briefing, D&L President and CEO Alvin D.
In addition to the effects of inflation and high base last year, there were also incremental expenses booked in the first half of 2023 relating to the firm’s new plant in Batangas. Excluding the Batangas-related expenses, first half 2023 income would have fallen by just 13 percent year-on-year to P1.5 billion. “Moving forward, as the Batangas plant ramps up operations, its incremental revenues should offset the costs,” said Lao.