LBC Express Holdings, Inc. on Monday said its attributable net income for the first three months of the year decreased by 65% to P48.87 million from P139.73 million previously, mainly due to lower revenues.

Revenues for the quarter fell 9.17% to P3.96 billion from P4.36 billion in the same period a year ago, the company’s first-quarter results showed.

“After the nationwide community quarantines in 2020, the retail sales surged due to increase in demand and this continued up to the first quarter of last year. There is also a downturn of revenue from corporate clients by 11%,” the company said.

Its total expenses for the period fell 5.15% to P3.68 billion from P3.88 in the same period in 2021.

The decrease is “largely from reduction in cost of delivery and remittance by 12% relative to the decrease in volume and improved productivity that resulted in decline in the cost of contractual employees,” the company said.

This is partially offset by a surge in the cost of freight-air relative to the increase in air freight and fuel prices hike.

Meanwhile, the company’s non-operating expenses for the period grew 14.84% to P247.41 million from P215.43 million previously.

Its income before tax dropped 78.78% to P59.89 million from P282.29 million in the same period last year.

LBC Express Holdings shares closed 0.22% higher at P23.05 apiece on Monday. — Arjay L. Balinbin