Logistics firm LBC Express Holdings, Inc. reported a 38 percent jump in net income to P442.38 million in the third quarter of 2020 from the P321.07 million earned in the same quarter last year.
In a disclosure to the Philippine Stock Exchange, the firm said the higher profit came on the back of a 6 percent revenue growth and 9 percent improvement in cost of services.
LBC Express has continued to operate throughout the year, both in the Philippines and its overseas locations, despite varied levels of government-mandated quarantine scenarios and lockdowns.
In the Philippines, logistics and money services are available nationwide in LBC’s 1,520 branches that have remained operational.
There are challenges that remain in the forwarding segment throughout the country given various government regulations towards safety and security brought about by Covid-19, specifically in air traffic operations.
However, e-commerce activities have accelerated, with the consumer market increasingly participating in the online marketplace. LBC’s Cash-On-Delivery/ Cash-On-Pickup services have been a major driver in the e-commerce industry’s velocity, as well.
LBC Express posted revenues of P3.99 billion for the third quarter of 2020, largely driven by a 33 percent increase in retail logistics sales. However, for the nine-month period, revenues totalled P9.63 billion, a 16 percent decrease from the previous year’s P11.49 billion, largely attributable to volume decrease in the March through May period corresponding with the Covid-19 lockdown measures in the Philippines