LBC Express says net loss narrows to P542 million
LBC Express Holdings, Inc. managed to shrink its attributable net loss to P541.97 million last year from P866.23 million the year before despite booking lower revenues.
In 2022, the company recorded P15.19 billion in service revenues, 6.5% lower than the P16.25 billion posted in the previous year.
The company has two main operating segments: logistics and money transfer services. Its logistics business is involved in domestic and international courier and freight forwarding services, while its money transfer services involve remittance and bills payment.
Last year, the company recorded P14.54 billion in revenues from its logistics business and P626.89 million from money transfer services, a 7% decline and a 5.8% rise, respectively.
Meanwhile, LBC Express booked a 2.5% lower cost of services in 2022 to P12.32 billion from P12.64 billion in 2021.
During the period, the company recorded P2.48 billion in operating expenses, 29.3% lower than the P3.51 billion in the same period in 2021.
Other charges — which consist of foreign exchange losses, interest expenses and equity in net earnings of associates — amounted to P748.41 million in 2022, lower by 5.3% than P790.4 million in 2021.
LBC Express’ ultimate parent company is LBC Development Corp., while its subsidiaries include LBC Express, Inc., LBC Mabuhay Saipan, Inc., Singapore’s LBC Aircargo PTE LTD., and Australia’s LBC Money Transfer PTY Ltd.
On Wednesday, shares in LBC climbed by two centavos or 0.11% to P17.48 apiece. — Justine Irish D. Tabile
