Lorenzo Shipping Corp. booked a P79.43 million net income in the second quarter, turning around from a loss of P74.37 million, after posting higher revenues and lower costs.
The company’s revenues, which were from its freight business, saw a 10% increase to P853.56 million from P775.9 million last year.
This was supported by a decline of 14.4% in the company’s total direct costs during the period to P680.34 million from P794.62 million a year ago.
For the six months ending June, the company’s net income reached P130.48 million, a reversal of last year’s P105.2 million net loss.
Lorenzo Shipping’s first-half revenues rose by 11.9% to P1.76 billion from P1.57 billion in the same period last year.
“The overall revenue increase was due to determined efforts in the fourth quarter of 2022 to the first quarter of 2023 to recover inflationary costs through freight adjustments,” the company said.
However, the company said that it saw a 13.7% decline in twenty-foot equivalent units handled in the first half due to fewer voyages attributed to the slowdown in domestic consumption.
Total direct costs from January to June totaled P1.46 billion, an 8% decline from the previous year’s P1.59 billion.
On Monday, shares in the company closed unchanged at 60 centavos apiece. — Justine Irish DP. Tabile
