LBC Express Holdings, Inc. recorded an attributable net income of P176.29 million last year, turning around from a loss of P541.97 million previously despite posting lower revenues for the period.
The company’s combined revenues fell by 4.5% to P14.51 billion in 2023 from P15.19 billion previously, the company’s financial statement showed.
LBC Express’ lower expenses for the period managed to mitigate its lower top line.
For 2023, the company cut its combined expenses to P13.96 billion, 5.7% lower from P14.81 billion in 2022.
For the third quarter last year, the company recorded an attributable earnings of P130.91 million from a loss of P144.11 million in the same period a year earlier.
It logged a total revenue of P3.51 billion for the July-to-September period, lower by 10.7% from P3.93 billion in the corresponding period a year ago.
For the nine-months to September, the company recorded an attributable net income of P215.23 million, reversing its loss of P227.1 million previously.
LBC Express is a public holding company with two primary business segments: logistics and money transfer services. The logistics business caters to both retail and corporate customers. The money transfer services segment is made up of domestic and international remittance services.
At the local bourse on Tuesday, shares in the company closed unchanged at P14 apiece. — Ashley Erika O. Jose
