Close  

LBC ’18 income almost doubled to P1.35B

Logistics giant LBC Express Holdings saw a big boost in profit last year on the back of a nonrecurring gain and as business activity picked up.

LBC, in its 2018 annual report, said net income almost doubled to P1.35 billion versus about P708 million in 2017.

ADVERTISEMENT

LBC said profitability rose alongside volume.

Moreover, it recognized a gain on derivative amounting to P454.2 million, a consequence of fluctuating share prices linked to a convertible instrument issued in 2017.

FEATURED STORIES

Overall, its core logistics business remained healthy with service revenues up 25 percent to P12.5 billion last year.

LBC noted that during this period, both retail and corporate segments rose 25 percent and 35 percent, respectively.

Moreover, the group last year expanded its footprint in money transfer services. It acquired one domestic and nine international money transfer, online and regular remittance entities. It said net revenue contributions here hit P889.8 million, up 36 percent.

“There is also continuous growth in the domestic business, evidenced by the opening of 76 additional retail branches and the introduction of new products mid-2018, with total contribution of these to total revenue amounting to P123.67 million,” LBC noted.

“Improvement in the corporate/institutional segment of the group is also noteworthy as it expanded its e-commerce directed logistics and warehousing services, while likewise maintaining its annual growth of corporate/institutional accounts,” the company added.

LBC Express was initially established as Luzon Brokerage Corp. in the 1950s before transforming into a full-service delivery company. Today, it provides courier and freight forwarding services in 22 countries and inbound remittances from over 30 countries.

ADVERTISEMENT
Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: LBC Express Holdings, logistics, net income, Profit
For feedback, complaints, or inquiries, contact us.



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.