D&L Industries Reports Net Income of ₱573 Million in Q3

D&L Industries reports a net income of ₱573 million for the third quarter of the year, down 7% from ₱617 million last year. Sales for the quarter are reported at ₱5.7 billion, a 4% increase from ₱5.5 billion last year.

Net income for the period January-September for the year is reported at ₱1.3 billion, a 32% drop for the same period last year.

Alvin Lao, D&L CEO and President, said “The recovery in the third quarter confirms that we’ve survived the worst of this pandemic. Our income for the third quarter doubled from the income recorded in the second quarter, and even managed to surpass our first quarter income which was not fully impacted by the pandemic yet,”

“As more and more of our customers resume operations, and as people learn to cope with the new normal, we gain more visibility and confidence as to the way forward. In fact, the imposition of the second Modified Enhanced Community Quarantine (MECQ) in August did not have a material impact on our business, and we continued to see an improvement each month,” Lao added.

Source: ABS-CBN