Food ingredient and plastic additives manufacturer D&L Industries said it is on track to meet its income growth target of 34% by yearend. In the first half of 2013, D&L saw growth profits of 16% despite a decline in sales. “Revenue is a function of both price and volume. Our volumes are up 1% for the first half. Commodity prices have come down a lot and the result of that with the prices down, our sales are lower but our overall volume is higher. Our margins are also higher from 13% last year up 19% in the first half, that’s why we have the higher profits,” said Alvin Lao, CFO of D&L Industries. D&L has signed agreements with Japan’s Showa Denko, US firm NatureWorks and Australia’s Manildra Group and MSM Milling, but Lao said impact from these deals may be felt starting next year. -- ANC Mornings, October 31, 2013