By James A. Loyola
LBC Express Holdings, Inc. (LBC), the listed company of the LBC Group of Companies, reported a 27 percent increase in service revenues to ₱11.57 billion for the first nine months of 2019 from ₱9.11 billion in the same period last year.
In a disclosure, the firm said revenues from both the logistics and remittance businesses grew, by 28 percent and 13 percent, respectively.
Retail Logistics accounted for 62 percent of revenues, Corporate Logistics, 31 percent; Remittance and Payment Solutions comprised 7 percent. The Retail Logistics Domestic market remains to be the Company’s main driver for revenues and growth.
However, net income weakened to ₱451.58 million for the nine-month period ended September 30, 2019 from ₱1.28 billion in the same period last year, primarily due to one time losses.
LBC said these include loss on derivative attributable to the convertible instrument amounting to ₱590.94 million; lower foreign exchange gain by ₱136.37 million; and first time adoption of PFRS16 resulted to higher depreciation and interest expense, partially offset by the decline in rentals.
EBITDA related to operations is higher by 40 percent at ₱2 billion for the period ended September 30, 2019 as compared to ₱1.43 billion for the same period last year.