D&L sees stronger Q2 results

Listed chemicals and food ingredients manufacturer D&L Industries Inc. is expecting a stronger financial performance in the second quarter of 2022 on the back of the further reopening of the economy.

At a press briefing following the company’s annual stockholders meeting, D&L president and CEO Alvin Lao said that "it looks like the second quarter will be quite strong for the economy and we will likely see that impacting us as a business also.”

"Airlines reporting things are almost back to normal. Traffic's almost back to normal. Restaurants are full again," Lao said.

“More people are going on vacations. There are even graduation ceremonies and celebrations. So, the second quarter, at least in terms of economic activity, looks quite good,” he added.

Despite the Omicron surge in the early first quarter, D&L reported a net income of P780 million in the first three months of the year, up 12% from the P695 million a year earlier.

The company's bottom line also surpassed the net income of P748 million recorded in the first quarter of 2019 and the earnings of P744 million posted in the first quarter of 2018.

“If there is no new variant that will cause restrictions… I think a lot of companies whose performances are correlated with the economy should see quite good performance not just this second quarter but for the rest of the year…and we will likely see that impacting us as a business also,” Lao said.—AOL, GMA News