D&L Industries completes redemption of P3-B fixed rate bonds

LISTED D&L Industries, Inc. has completed the redemption of its Series A fixed rate bonds worth P3 billion.

“These bonds were issued in 2021 and matured today,” D&L said in a regulatory filing on Monday.

The P3-billion Series A fixed rate is part of D&L’s P5-billion fixed-rate bond offer issued in September 2021 to partly fund the company’s Batangas plant, which started commercial operations in July 2023. The Series A bonds carried a rate of 2.7885%.

The remaining P2-billion Series B is priced at 3.5962% per annum and has a five-year tenor.

For the first half, D&L Industries logged a 6% jump in its net income to P1.32 billion from P1.24 billion last year.

January-to-June sales rose by 17% to P18.98 billion from P16.23 billion last year, with export sales up by 57% year on year.

D&L is engaged in the production of customized food ingredients, specialty raw materials for plastics, and oleochemicals for personal and home care use.

On Monday, D&L shares rose by 1.27% or eight centavos to P6.38 apiece. — Revin Mikhael D. Ochave