Higher revenue from its logistics business propelled LBC Express, Inc.’s net income to reach P217.404 million in the first quarter of 2016, a 109% growth from P104.156 million in the same period last year.
Total revenues increased 12.3% to P2.066 billion from P1.839 billion in 2015, the logistics and remittance services company disclosed to the Philippine Stock Exchange.
LBC said the growth was primarily derived from its logistics business, which improved its revenues 18.8% to P1.750 billion from P1.473 billion. During the period, LBC said, there was “growth in the volume and rate of air cargo services rendered.”
The higher volume from services was due to the horizontal growth of the company, as it added 71 new branches in the Philippines and one in the Middle East, which all started operations between March 2015 and 2016.
The positive performance during the year was aided by volumes from the firm’s cargo forwarding services, as well as a price increase in the Philippines averaging 7% to 9% implemented from April 2015.
In 2015, LBC posted a 190% surge in net income to P416 million from P143 million in 2014, also due to its logistics business.
LBC is engaged in retail and corporate logistics, which includes courier, air cargo forwarding, and balikbayan (personal items) box shipments. It likewise provides money transfer services domestically and internationally.
