Makati city: Higher export sales and revenues from its Batangas plant boosted publicly-listed D and L Industries’ income in the first half of the year, raising hopes for a double-digit income growth this year. Alvin Lao, D and L president and chief executive officer, in an online briefing, reported that earnings in the first six months of this year rose 6 percent to nearly PHP1.4 billion from the previous year’s PHP1.32 billion.

According to Philippines News Agency, Lao noted that higher coconut oil prices dampened the rise in income due to lower contributions from their high-margin business, which covers oil-based food, personal hygiene, and home care segments. Nonetheless, exports registered a 28 percent year-on-year growth in sales, with gross profit rising by 7.4 percent, and are seen as a positive aspect amidst generally cautious consumer sentiment in the domestic market.

For the second quarter, net income rose by 2 percent to PHP714 billion. Last year, the company booked a full-year income of PHP2.3 billion. Lao highlighted that the company only needs about PHP946 million in the second half to meet last year’s net income.

Lao also mentioned projected additional cuts in the Bangko Sentral ng Pilipinas (BSP) key rates this year as beneficial to their business. Aside from lower interest rate expenses, he explained that lower BSP rates mean people will have more cash to spend on other things, which could spur more demand for their products and contribute to economic growth.