2GO Group, Inc. trimmed its net loss for the third quarter to P311.66 million from the P627.67-million loss it incurred last year.
In a disclosure to the stock exchange on Wednesday, 2GO reported a 9.7% decline in its total revenues for the third quarter to P4.60 billion.
Segmented, shipping revenues dropped 35.7% to P987.55 million, logistics and other services revenues went down 4.9% to P1.58 billion, while sale of goods grew 7.3% to P2.03 billion.
These brought 2GO’s total revenues for the first nine months to P13.69 billion, 15.6% lower than last year’s figure.
2GO saw its nine-month shipping revenues drop 45.1% to P3.06 billion. Revenues from logistics and other services went down 14.5% to P4.29 billion, while the goods segment generated P6.33 billion, 12.7% higher than last year’s figure.
The company said its various business units have been “significantly affected” by the government-imposed quarantine measures, which resulted in “limited business operations in Luzon and in many other parts of the country.”
“For the first nine months of 2020, 2GO experienced a year-on-year reduction in sales of 16% or approximately P2.5 billion. It is expected that trade receivables, particularly those due from small and medium scale enterprises, will likewise deteriorate in collectability and may necessitate provisioning for estimated losses due to non-collection as may be deemed prudent,” it added.
Shares in 2GO closed 2.78% higher at P9.25 apiece on Wednesday. — Arjay L. Balinbin
