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D&L Industries Inc. recorded profit of P695 million in the first quarter, up 35 percent from the prior year’s P515 million.
Alvin Lao, D&L president, said all business segments posted a recovery with sales reaching P7 billion, up 23 percent from P5.67 billion, “tracking ahead of 2019 figures.”
Lao said export sales reached P2.3 billion, up 84 percent from P1.3 billion last year, driven by coconut-based products under food and oleochemicals.
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“Coconut oil continues to gain traction in the global market due to its perceived natural antiviral, antibacterial, and antifungal properties. The company sees continued strong coconut oil-based exports, which should offset some of the weakness in the domestic market in the near term,” Lao said.
