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Manila Bulletin devider Business devider The Stock Market devider LBC suffers loss on higher non-operating charges

LBC suffers loss on higher non-operating charges

Published May 27, 2024 07:40 am

Logistics and remittance firm LBC Express Holdings Inc. reported a P12.34 million net loss for the first three months of 2024 from a net income of P209.78 million in the same period last year mainly due to the increase in non-operating charges.

In a disclosure to the Philippine Stock Exchange, the firm said its service revenue decreased by 4 percent to P3.61 billion for the quarter ended March 31, 2024, from P3.78 billion for the same quarter last year.

LBC said its revenues were lower mainly due to the decline in the retail segment by eight percent. This is countered by the improvement in revenue from the corporate segment by 10 percent.

Cost of services is down by five percent to P2.82 billion for first quarter of 2024 from P2.97 billion for the three months ended March 31, 2023, due to improvement in cost of delivery and remittance by seven percent, aligned to the decline in current sales volume.

“Branch closures was as well a factor as part of the rationalization program lowering manpower, rent and depreciation cost,” LBC said.

Gross profit is at P795.95 million for the first three months of 2024, which is a slight decline from P807.26 million for the same period last year, primarily related to movement in sales volume.

Operating expenses slightly decreased to P565.57 million for the first quarter of 2024 from P566.79 million in the comparative period of 2023, mainly driven by lower utilities and supplies related to reduction of leased area in head offices. This is countered by the increase in provision for impairment loss for the quarter.

Operating income is at P230.85 million for the three months ended March 31, 2024, which is a decline from P240.46 million for the three months ended March 31, 2023, mostly driven by decrease in sales.

Other charges increased to P216.30 million for the first quarter of 2024 from P27.38 million for the three months ended March 31, 2023, mainly from foreign exchange and valuation losses incurred.

Further, there is increase in interest expense mainly from additional loans availed in latter part of 2023.

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LBC Express Holdings Inc.
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