Editor's PickFinanceInvestingLBC Express profit up nearly 38%

2 years ago373 min

LBC EXPRESS HOLDINGS, Inc. on Thursday reported a 37.6% growth in its third-quarter attributable net income, but cumulative earnings as of September remained lower compared with a year ago after the health crisis’ impact on operations.

In a disclosure to the stock exchange, the logistics and money transfer service company placed its quarterly earnings at P448.50 million, up from P325.96 million in the same three months last year

Its total revenues for the third quarter climbed 6.03% to P3.99 billion. Total expenses went down 7.05% to P3.28 billion, while its non-operating income dropped 96.97% to P14.85 million.

The company’s nine-month revenues declined 16.14%  to P9.63 billion from last year’s P11.49 billion.

Total expenses for the nine-month period went down 10.04% to P9.42 billion, while non-operating income dropped 88.24% to P68.28 million.

The company saw its attributable net income for the first nine months drop 86.60% to P53.23 million.

“In order to remain operational during the pandemic period, the group activated its business continuity plans in order to continue to fulfill services much needed during this crisis period,” LBC Express Holdings said.

The company also said its delivery lead times have been extended “due to safety, security and travel restrictions.”

The impact of the health crisis on the company’s operations  include “reduction in revenue, receipt of lease concessions from lessors and recognition of additional allowance for expected credit losses,” it added.

On Thursday, shares in LBC Express Holdings went up 0.13% to close at P15.72 apiece. — Arjay L. Balinbin

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