The net income of 2GO Group Inc., after tax, in the first quarter surged 103 percent to P273.63 million, from P134.99 million in the same period last year, due to higher revenues and stringent management of operating costs and expenses.
The company continues to grow its logistics and value-added services at a blistering rate of 29 percent, outpacing the 13 percent growth of the shipping group.
2GO has successfully transitioned from a shipping and transport company to a full-service logistics and supply chain solutions provider.
“The group is now well positioned to address the needs of a growing Philippine economy that is driven by consumption and interisland trade,” said Sulficio O. Tagud, Jr. president and CEO of 2GO Group. “We want our customers to focus on their core businesses while we take care of their end-to-end logistics requirements.”
Total consolidated revenues increased by 20 percent to P3.98 billion from last year’s P3.32 billion. Freight revenues also jumped 17 percent on higher volume.
Revenue from 2GO’s passage business expanded by 19 percent as the group continues to reap the rewards of an improving domestic tourism industry that has a positive impact on the volume of sea travelers.
Revenue of its non-shipping businesses, largely logistics and supply chain solutions, rose by 29 percent, or P427.9 million or 29 percent during the period.