Listed manufacturing firm D&L Industries Inc. expects export sales to improve once its multi-billion facility in Batangas starts operations in January next year.

In a stock market report, D&L said export receipts during the first quarter accounted for 34 percent of total revenues.

"It is expected to further expand following the target commencement of operations in the Batangas facility by January 2023. The facility will mainly cater to the export business of the Food Ingredients and Oleochemicals segments," the company said in the report.

From January to June, total revenues registered an increase of 61 percent and amounted to P22.3 billion, against P13.9 billion a year ago.

Net income, on the other hand, was higher by 17 percent and amounted to P1.6 billion.

D&L has maintained a rating of PRS Aaa, with a stable outlook from the Philippine Rating Services Corp. for its total outstanding fixed rate bonds amounting to P5 billion.

The rating affirms its capacity to meet financial commitments as extremely strong.

PRS Aaa is the highest rating assigned by PhilRatings.

Meanwhile, the outlook is an indication as to the possible direction of any rating change within one year and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators, and the general public.

A stable outlook is assigned when a rating is likely to be maintained or to remain unchanged in the next 12 months.

The bond offer was rated based on its market position, diversification of products offered and markets served, sustained profitability amid prevailing market headwinds, conservative debt management, and adequate cash flow generation.