LBC nets P419M

COURIER operator LBC Express Holdings Inc. grew its first semester net profit by 38.44 percent year-on-year to P418.65 million as a fast-growing domestic economy boosted demand for logistics services.

For the second quarter, LBC’s net profit attributable to shareholders of parent company rose by 7.5 percent year-on-year to P204.69 million, based on a regulatory filing on Friday.

LBC’s income before tax for the first semester grew by 43 percent year-on-year to P602 million for the six-month period, bringing the company closer to its goal of hitting P1 billion profit before tax for the full year.

Service revenues were up by 10.5 percent year-on-year to P4.13 billion for the first semester, buoyed by the growth in both retail and corporate sales.

Revenues from the logistics segment grew by 16.1 percent year-on-year to P3.53 billion for the first half due to growth in volume and rate of air cargo services. Revenues were also boosted by the company’s expansion as it added 24 new branches and one branch in the Middle East. LBC likewise reported higher volumes of cargo forwarding.