-
LBC Express Holdings reported a net income of P82.12 million in the first half of 2023
-
This is a reversal from the P75.41-million loss posted in the same period last year
-
Service revenue decreased by 5% mainly from the slide in the domestic retail logistics segment, partly offset by the improvement in sales from the corporate segment
-
Cost of services was down 3% to P5.875 billion from P6.034 billion due to improvement in cost of delivery and remittance and manpower cost
LBC Express Holdings, Inc. turned a profit in the first half of 2023, booking a net income of P82.12 million, a reversal from the P75.41-million loss in the same period last year.
In a regulatory disclosure, the logistics and money remittance service provider attributed its performance to lower cost and expenses as part of management’s cost rationalization and decline in other charges, net primarily from foreign exchange and derivative valuation.
Service revenue, however, decreased by 5% to P7.373 billion for the six months of the year from P7.738 billion year-on-year. This is mainly from the slide in the domestic retail logistics segment partly offset by improvement in sales from the corporate segment, LBC said.
Overseas revenue stayed at almost the same level as last year.
Cost of services was down 3% to P5.875 billion from P6.034 billion due to improvement in cost of delivery and remittance and manpower cost.
Further, air freight cost declined significantly as the company utilized more on roll-on roll-off services, rather than airlines.
LBC has a network of over 1,500 branches in the Philippines, over 300 hubs and warehouses, and thousands of partners and agents in over 30 countries.
RELATED READ: LBC Express net income plunged 69% in Q1
