Plastic and food ingredients manufacturer D&L Industries Inc. had a strong third quarter with net earnings growing 34 percent to P768 million, or above pre-pandemic levels on robust exports and lower interest expenses and taxes.

This brings total net income for the first nine months to P2.163 billion, up 57 percent from the same period last year and about 83 percent of the 2019 level.

Lower corporate taxes provided by the CREATE law had a four percent impact on the nine-month bottomline.

“Our Q321 numbers place us in a good position to achieve full year pre-pandemic income levels, an outstanding achievement given the macroeconomic challenges that continue to weigh on economic recovery globally,” said Alvin Lao, president and CEO of D&L.

Lao said the overall business outlook looks promising as the government continues to roll out its vaccination campaign, which should provide another boost to economic activity and further recovery.

“In addition, we look forward to the onset of the Christmas season as we head into the last quarter of the year, as well as public spending ramping up in time for the elections in May next year,” he said.

Most of the company’s business segments continued to post significant growth during the nine-month period.

Exports sustained their upward trajectory, rising by 55 percent amid a growing international customer base. Coconut-based products under food and oleochemicals were the main drivers behind the robust export growth due to their perceived natural antiviral, antibacterial, and antifungal properties.

The post Lao family benefits from CREATE Law, D&L surges past pre-pandemic level first appeared on Bilyonaryo Business News.



Lao family benefits from CREATE Law, D&L surges past pre-pandemic level
Source: Filipino Daily Inquirer