D&L profit down 23%

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    D&L Industries Inc. reported profit of P2.01 billion in 2020, down 23 percent from the prior year’s P2.62 billion.

    Sales reached P21.74 billion, down 3 percent from P22.39 billion the prior ear.

    Alvin Lao, D&L president, expressed confidence the company will be back to pre-coronavirus disease 2019 (COVID-19) pandemic levels this year based on the company’s performance in the latter part of 2020.

    D&L’s profit growth comes from 32 percent decline in bottomline reported for the first nine months of 2020. The company also posted a P1.2 billion profit in the second half alone, surpassing the company’s P1 billion target for the period.