2Go reports 94% jump in profit

2GO Group Inc. posted a 94-percent jump in its first semester net income before tax to P1.2 billion, from P620.3 million a year ago.

In a report filed in the Securities and Exchange Commission, the group said operating income from core businesses hit P1.3 billion from P755.3 million a year ago. 2GO’s 2015 first half profit already surpassed its full-year profit in 2014.

2GO’s strong performance was attributed to higher revenue particularly from its nonshipping business, which grew by 28 percent outpacing the 16-percent growth posted by the shipping group.

2GO, a supply chain enterprise and end-to-end solutions provider, expects to sustain its growth momentum given the favorable economic projections for the Philippines.

“2GO is constantly developing the right strategy, structure and processes to provide our customers with end-to-end supply chain solutions in order to maximize the value we can deliver to them, and by extension, further expand our revenues”, Sulficio O. Tagud Jr., president and CEO of 2GO Group said.

Total consolidated revenue rose by P1.6 billion or up 22 percent to P8.6 billion from P7 billion a year ago. Freight revenue jumped 19 percent mainly due to higher volume arising from more round trips and optimized routing initiatives.