CARGO carrier Lorenzo Shipping Corp (LSC) reported a net loss of P24.42 million in the third quarter, an improvement over the P28.28-million loss it posted year on year. LSC said the loss came despite higher revenues of P341.85 million versus the P272.94 million recorded in the third quarter of 2009. A 6% increase in direct costs, particularly fuel and terminal expenses, to P338.76 million from last year’s P276.94 million dragged performance. From January to September, LSC recorded a net income of P38.39 million.
