Food ingredients and plastics manufacturer D&L Industries of the Lao family sees the recovery in the domestic economy and the continued easing of restrictions benefiting its business for the rest of the year.
In a virtual press briefing Monday, D&L president and CEO Alvin Lao said that in terms of economic activity, the second quarter looked “quite good” even though there was no large election spending due to the pandemic.
“In the airline industry, traffic is almost back to normal. Restaurants are full again and I noticed there are also refurbishments. More people are going on vacations,” he said.
Lao said should there be no new variant that will cause restrictions, companies whose performances are correlated with the economy “should see quite good performance” in the second quarter and the rest of the year.
D&L Industries grew its earnings by 12 percent in the first quarter despite the imposition of stricter quarantine measures.
Lao further said they remain committed to its expansion facility in Batangas province which is deemed to come at an “opportune time” given the recovery in the domestic economy and the company’s growing export business.
“This will be instrumental in our future growth as we plan to develop more high value-added coconut-based products and penetrate new international markets. This expansion is set to start commercial operations by January 2023,” he said.
Lao said coconut-based products under food and oleochemicals were the main drivers behind D&L’s robust export growth, as coconut oil continues to gain traction in the global market due to its perceived natural antiviral, antibacterial, and antifungal properties. (PNA)