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Lorenzo Shipping recorded a net loss of P290 million in the first nine months of 2024
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This is a reversal from the P109 million net income earned in the same period last year
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Revenue from January to September 2024 was 27% lower at P1.86 billion
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LSC handled 26.22% less containers in the first nine months of the year
Lorenzo Shipping Corp. (LSC) recorded a net loss of P290 million in the first nine months of 2024, a reversal from the P109 million net income earned in the same period last year mainly from lower revenue due to limited voyages.
Revenue from January to September 2024 amounted to P1.86 billion, 27% lower than the P2.54 billion reported in the same period last year, LSC said in a regulatory disclosure.
Container volumes handled during the first nine months of the year were down 26.22% compared to last year, due to fewer voyages attributable to a slowdown in domestic consumption coupled with maintenance and repairs for several vessels.
General and administrative expenses were 2% higher at P137.96 million while net finance costs increased 16% to P49.42 million due to increased interest rates and short-term borrowings.
READ: Lorenzo Shipping swings to loss in first half
LSC said it is focusing on restoring schedule integrity as it continuously implements operational efficiency measures such as digitalization, systems upgrade, quality initiatives, cost rationalization, and asset optimization.
With the expected upturn in domestic consumption for the last quarter of the year, LSC said emphasis will be given to the flexibility of operating strategies while maintaining discipline and excellence.
Th carrier’s plan of operation for the last quarter of the year includes vigilance on vessel and equipment maintenance and service reliability to improve customer experience on cargo deliveries.
LSC will also adhere to berthing windows at selected main ports to maintain schedule integrity, while focusing on maximizing yield per container per voyage to offset the escalation of various expenses and other inflationary effects.
Moreover, the carrier will continue with process improvements and innovation to significantly contribute to more efficient operations.
It will also closely monitor billing, collection, payables, and other obligations to ensure continuous support of vendors and service providers.
Also part of the plan is paying close attention to land- and sea-based employees’ physical, mental, and emotional welfare to maintain high morale and maximize productivity.
Lastly, LSC said it will undertake risk-mitigation measures and continuously strengthen statutory compliances to diminish service disruption and guarantee business continuity.
LSC operates eight vessels that call on 10 major ports nationwide. – Roumina Pablo
