LBC nets P541M

Logistics group LBC Express Holdings saw a 145-percent year-on-year surge in attributable net profit amounting to P541.36 million in the first quarter.

The three-month profit increase was driven by higher volumes in both retail and corporate logistics, lower operating expenses, higher foreign exchange and other treasury gains alongside one-time gains from the business combination with LBC Mabuhay Saipan Inc.

Including earnings attributable to minority interest, LBC’s first quarter net profit rose by 147 percent year-on-year to P563.82 million.

Service revenues increased by 12 percent year-on-year to P2.75 billion for the first three months as the company reported growth in retail and corporate logistics by 14 percent and 18 percent, respectively.

Revenues from logistics segment improved by 16 percent year-on-year to P2.52 billion for the quarter, driven by the 34-percent volume growth.