MANILA - D&L Industries, manufacturer of food ingredients and plastic additives, saw its net income rise by 19% to P314 million in the first quarter from a year ago.
This, despite a 27% drop in revenues to P2.3 billion as it sold less of its big volume, low-margin refined vegetables in favor of high-margin specialty products, the firm said in a statement.
"The drop in sales also mirrors the pass-through of lower raw material costs, given the downtrend in prices of coconut oil and palm oil," D&L said.
The firm, however, did not disclose its expenses and other gains during the period as of press time.
"In the coming quarters, earnings growth is expected to accelerate as income from new businesses, like the Showa Denko deal announced in January, are recognized. Overall, the company remains in line with expectations this year," D&L said.