D&L’s first half net profit up 10% to P1.03 billion

CHEMICAL manufacturer D&L Industries booked a 10-percent year-on-year growth in six-month net profit to P1.03 billion on a double-digit growth in food ingredients, oleochemicals and aerosols businesses.

Excluding one-time costs on taxes and filings related to the increase in authorized capital in June 2015, D&L’s core profit rose by 15 percent year-on-year to P1.07 billion, the company said in a press statement.

For the second quarter alone, D&L’s recurring net profit rose by 10 percent year-on-year to P562 million.

The figures are all on a pro-forma basis, which thus assumed that Chemrez Technologies was consolidated for the full year. In reality, D&L gobbled up this affiliate only in October 2014.

For the first semester, revenues were up by 10 percent year-on-year to P9.56 billion, with weak commodity prices, in particular palm oil, more than offset by higher volume in food ingredients, oleochemicals and aerosols.

High-margin specialty products accounted for 59 percent of revenues while commodities accounted for the remaining 41 percent.