Connect with us

Hi, what are you looking for?


LBC Express net profit quadruples to P207M as cost, expenses decline

LBC Express Holdings, Inc. recorded a first-quarter attributable net income of P207 million, a jump of more than four times the P48.87 million posted in the same period last year.

“This is mainly attributable to [a] decrease in cost and expenses as part of management’s cost rationalization. Contributory also are the non-operating gains from foreign exchange and derivative valuation,” the company said in its quarterly report filed on Tuesday.

In the first three months of the year, it recognized a 4.5% decrease in service revenues to P3.78 billion from P3.96 billion, which the company attributed to lower revenues in the logistics segment. Its logistics business accounted for P3.65 billion of the quarter’s top line, down 4.1% from the P3.81 billion in the previous year.

Money transfer services recorded P127.43 million in revenues during the quarter, down 13.6% from P147.43 million a year earlier. Costs of services were lower in the first quarter at P2.97 billion, a 2.6% decrease from P3.05 billion previously.

“Cost of services is down… pertaining to improvement in cost of delivery and remittance by 4%. Reduction in air freight costs and manpower were aligned to current sales volume,” the company said.

“However, these reductions were offset by the surge in cost of freight-sea as general price increase was implemented by shipping lines, both in domestic and overseas setting, several times mid-2022,” it added.

The company also managed to cut operating expenses by 9% to P566.79 million during the quarter from P625.27 million a year ago because of lower spending for coronavirus disease-related expenses.

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.

On Tuesday, shares in the company closed 38 centavos or 2.33% lower to P15.90 each. — Justine Irish D. Tabile

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



A woman buys food items at a supermarket in Quezon City, March 4, 2022. — PHILIPPINE STAR/ MICHAEL VARCAS By Keisha B. Ta-asan, Reporter...


BW FILE PHOTO By Luisa Maria Jacinta C. Jocson, Reporter THE NATIONAL Government’s (NG) debt service bill more than doubled in March from a...


Philippine flags line the road in the City of Dasmariñas in Cavite, June 2, 2023. — PHILIPPINE STAR/EDD GUMBAN INVESTMENT APPROVALS by the Board...


Finance Secretary Benjamin E. Diokno holds a press briefing in Malacañang on May 30, 2023. — PHILIPPINE STAR/KRIZ JOHN ROSALES THE DEPARTMENT of Finance’s...


ACEN Corp. has secured approval from the government of New South Wales to increase the capacity of its battery energy storage system in Australia....


LOPEZ-LED Energy Development Corp. (EDC) is further expanding its geothermal power generation capacity in the Philippines with two prospects scheduled for drilling next year,...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.