Q1 2023 D&L Industries Inc Earnings Call Transcript
Good morning, everyone. We're going to start the presentation for the results for first quarter of 2023 for D&L Industries.
So first slide, we saw our blended GPM improved by 3.2%, resulting in gross profit higher by 4% year-on-year. Gross profit of PHP 1.4 billion. (inaudible) we saw sales mix revert back pretty much to pre-pandemic levels with our high-margin (inaudible) sales mix, our high-margin has gone down to 51% for full year last year. As of the first quarter, it's back up to 64%. (inaudible) lower volume, together with higher operating expenses and interest expenses. So we did see our overall net income at PHP 594 million for the quarter, which is down by 24% year-on-year.
We do think, however, that it was really just a story of a weak January and February because for the month of March, we saw a jump back to normal levels for net income. So -- and we'll be going into more details later. But essentially, March was better than January and February by 62% and 26%, respectively. So really weak
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