LBC EXPRESS HOLDINGS, Inc. has returned to profitability, recording a second-quarter (Q2) attributable net income of P31.68 million, a turnaround from a loss of P183.59 million, driven by lower expenses for the period.
For the second quarter, LBC’s gross revenue declined by 5.1% to P3.34 billion from P3.52 billion in the same period last year.
Its total expenses for the period decreased by 5.85% to P3.22 billion from P3.42 billion in the comparable period a year ago.
For the six-month period, LBC Express posted an attributable net income of P172.12 million, reversing a loss of P193.43 million in the same period last year.
The company’s total revenue fell by 2.1% to P6.98 billion from P7.13 billion year-on-year.
Broken down by segment, revenues from logistics reached P6.75 billion for January to June, while the money transfer segment recorded P232.11 million.
By geographic market, the company’s domestic operations remained the main growth driver, generating P4.29 billion, while its overseas business logged P2.69 billion for the period.
LBC Express is a publicly listed holding company with two primary business segments: logistics and money transfer services. The logistics segment serves both retail and corporate customers, while the money transfer segment covers domestic and international remittance services.
At the local bourse on Monday, shares in the company closed unchanged at P7.78 apiece. — Ashley Erika O. Jose
