The 2GO Group, the Philippines’ largest shipping company, posted a net loss of P626 million for 2011 compared to the previous year’s loss of P755 million.
The deficit was mainly attributed to rising cost of bunker fuel and came even after higher passage and cargo traffic was registered.
Total revenues increased 11.7% to P12.97 billion in 2011 from P11.61 billion in 2010.
Revenues from the cargo/freight sector grew 7% to P5.68 billion while those for the passage sector rose higher by 9% to P2.38 billion.
Operating expense jumped 9% from P12.25 billion to P13.32 billion.
“Costs were generally higher in 2011 compared to re-forecast, due to the delay in the planned change in management control,” 2GO said in a statement.
“This in turn delayed the withdrawal from sub-optimal contractual relationships, earlier entered into by previous management, where much of the synergies were earlier envisioned.”
The 2GO Group comprises combined operations of Negros Navigation and ATS Consolidated, Inc (formerly Aboitiz Transport System). Negros Navigation bought ATS in 2010.
Last year, the group-wide revenue increased by P2.5 billion from the earlier projection of P15.5 billion to P18 billion.
Under the rebranding program, 2GO will function under three core units: 2GO Freight which will handle commercial and personal shipping needs; 2GO Supply Chain Management, which will take care of logistics, distribution, warehousing, and inventory management; and 2GO Travel, which will integrate all passenger ships and fast ferries of Negros Navigation, SuperFerry, SuperCat, and Cebu Ferries.
Photo from http://www.2go.com.ph/
