by James Loyola
LBC Express Holdings, Inc. more than doubled its attributable net income to P921.61 million last year, up 109.54 percent from the P439.81 million earned in 2015 due to the rise in air and courier services driven by improved cost of air and sea freight.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues rose 13.46 percent to P8.85 billion from P7.8 billion in the previous year.
The company said total service revenues increased 13.13 percent to P8.7 billion from P7.69 billion, due to the strength of the logistics segment which saw double-digit growth in both retail and corporate sales.
“Specifically, revenues from the Logistics segment grew by 20 percent, due in large part to the additional 48 new branches that opened in the Philippines and likewise the incremental increase in the company’s volumes from cargo forwarding services during the year,” LBC said.
It added that, “2016 was a robust year for the country’s leading express delivery and logistics, and money remittance company, LBC, whose focus on maintaining its foothold is supported by customer-forward innovations and vision of improving operations through automation.”
LBC noted that core profit from its operating unit, LBC Express, Inc., was at P920.2 million, 217 percent higher than the prior year’s P290.28 million.
“With a strong focus on efficiency, operating expenses went down by 4 percent, albeit cost of services increasing by 9 percent (however, a 2 percent improvement as percentage to revenue from last year, relative to efficiencies and additional technology),” it added.
LBC said it is taking aggressive steps towards continued growth by focusing on a developing logistics market anchored on tailored services, consistent e-commerce initiatives and the addition of new technologies and systems designed to make freight forwarding more efficient.