May 13, 2013

D&L, Security Bank, IMI Q1 profits

D&L Industries Inc. grew its profits 19% to P314 M in the first quarter, driven by its high-margin specialized products. Revenues were 27% lower at P2.3 B as the group continued to strategically sell less of its big volume, low margin refined vegetable oils in favour of its high margin specialty products.

As a result of product mix and lower commodity costs, gross margin rose 6.4 percentage points to 19.2% while net income margin increased 5.2 percentage points to 13.5% Security Bank Corp. posted a net income of P1.2 B in the first quarter of 2013, up 11% from the same period in 2012.

Revenues grew 31% to P3.1 B. ROE for the period stood at 13%. Net interest income was relatively flat at P2 B. Loans increased by 21% to P119.2 billion. Deposits likewise rose by 22% to P141.8 B, which matched the pace of loan growth.

Net income of Integrated Micro-Electronics Inc. (IMI) of the Ayalas was weighed down by higher costs and lower utilization of its facilities in China in the first quarter. The electronics manufacturing services (EMS) provider said its profits sank to $253,000 from $853,900 in the same period last year. But consolidated revenues rose 8.5% to $164.8 M driven by business expansion in Europe and the Philippines. - WealthSec