2GO posts 79% increase in 9-month profit

2GO Group Inc. posted a 79-percent increase in net income before tax in the first nine months of the year to P1.3 billion, from P720.2 million in the same months last year.

Operating income from core businesses rose to P1.5 billion from P914.5 million in the same period last year. This was 60 percent higher than year-ago level.

2GO’s 9-month NIBT this year already surpassed its P888.1 million full year NIBT in 2014.

“The growth is propelled by 2Go’s logistics and value-added services, with shipping operations providing a stable platform and a sustainable competitive advantage,” Sulficio O. Tagud Jr., president and CEO of 2GO, said.  For the 9-month period, the 25-percent growth posted by the non-shipping group outpaced the shipping group’s 8-percent expansion. Consolidated revenue rose 17 percent to P12.1 billion from P10.4 billion a year ago.