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LBC Express Holdings, Inc. suffered a net loss of P12.34 million in the first quarter of 2024 from a net income of P209.78 million in the same quarter last year
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Service revenue decreased 4% to P3.613 billion mainly due to the 8% decline in revenue in the logistics retail segment, countered by the improvement in revenue from the corporate segment by 10%
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Revenues from the logistics segment dropped 4.6% to P3.485 billion while revenues from money transfer services grew 1% to P12.602 million
LBC Express Holdings, Inc. suffered a net loss of P12.34 million in the first quarter of 2024 from a net income of P209.78 million in the same quarter last year, largely caused by the increase in non-operating charges.
The group’s service revenue for the first three months of the year decreased 4% to P3.613 billion from P3.781 billion in the same period last year, the logistics and money transfer services provider said in a regulatory disclosure. This was mainly due to the 8% decline in revenue in the logistics retail segment, countered by the improvement in revenue from the corporate segment by 10%.
Revenues from the logistics segment, which accounted for most of the total, dropped 4.6% to P3.485 billion from P3.653 billion. Revenue from money transfer services, on the other hand, grew 1% to P12.602 million from P12.432 million.
Cost of services was down 5% to P2.817 billion from P2.973 billion, due to improvement in cost of delivery and remittance by 7%, aligned to the decline in current sales volume. Branch closures was also a factor as part of the company’s rationalization program lowering manpower, rent and depreciation cost.
LBC has a network of over 1,500 branches in the Philippines, hubs and warehouses, and thousands of partners and agents in over 30 countries.
READ: LBC Express posts P168.19M income in 2023 from 2022 loss
