Chemical manufacturer D&L Industries Inc. said its recovery continued in the second quarter, allowing it to record an income of  P1.39 billion in the first semester, 74 percent higher than the previous year's P802 million.

D&L President and CEO Alvin Lao said the company is on its way to attaining its 2019 income of P2.62 billion as the income of all of its segments had already reached pre-Covid levels.

"Our next target is to reach our income in 2018. But we can do that by next year," Lao said during the company's media briefing.

In 2018, the company's income reached P3.18 billion, the highest in its history. Its income then fell in the succeeding year, mainly due to the delayed passage of the national budget and the trade war between the United States and China which also affected smaller countries, such as the Philippines.

"Assuming that the income for the first half holds steady for the remainder of the year, we are set to reach our 2019 income level. Moreover, we see emerging positive catalysts in the horizon, such as the onset of the Christmas season, an additional spending boost coming from the 2022 election, and progress on the country's vaccination efforts that can provide upside surprises," Lao said.

Sales for the first half grew 37 percent to P14.9 billion from last year's P10.17 billion. For the second quarter alone it jumped by 83 percent to P6.9 billion from P4.5 billion last year.

Net income in April to June more than doubled to P671 million from last year's P287 million.

"Our strong earnings recovery in the second quarter suggests that things are much better compared to last year. It also demonstrates the essential nature and the resiliency of our underlying businesses," Lao said.

While Metro Manila and nearby provinces have reverted to enhanced community quarantine (ECQ) this month, he said he does not this to have a significant impact on the company's businesses. He noted that the ECQ and modified ECQ were reimposed in the second quarter.

"With more than a year into the pandemic, we find ourselves, as well as many of our customers, in a much better position operationally to navigate the current situation with minimal business disruption. Overall, we remain optimistic and excited about the future prospects of our business, especially with our Batangas plant coming online in the next couple of quarters."

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