D&L Industries Inc.’s net income plunged by 31 percent to P515 million in the first three months of the year from P748 million in the same period in 2019. In an online briefing on Tuesday, the listed chemicals firm said its January-to-March revenues shed 3 percent to P5.67 billion from P5.88 billion year-on-year. D&L President and Chief Executive Officer Alvin Lao said the company’s sales mix tilted toward commodities as demand switched to basic raw materials. Commodity sales accounted for 36 percent of total revenues, while the remaining 64 percent came from high-margin specialty products (HMSP). D&L’s food ingredient segment saw a 34-percent decline in its net income in the first quarter on low demand across subsegments of food ingredients amid the ECQ.

Source: Manila Times May 05, 2020 16:57 UTC