Philippine cargo carrier Lorenzo Shipping Corp (LSC) posted a net income of P15.925 million in the first quarter of the year compared to the P18.711-million loss registered in the same period last year.
Gross profit soared 80.41% to P40.098 million from P22.226 million while operating revenues grew 17.17% from P388.386 million to 455.064 million.
“The first-quarter performance showed a net revenue higher by 17% of P66 million last year,” LSC said in a report to the Philippine Stock Exchange.
“The effect of approximately 50% increase in bunker surcharge was only partially felt during the same period last year in contrast with the current period where full implementation occurred,” it added.
Other income, however, declined 10.48% to P34.435 million from P38.465 million.
Direct cost jumped 13.33% to P414.966 million from P366.160 million.
This year, LSC is planning to offer an interport consolidation service. It is also set to launch a front-end software to manage its service delivery from booking to issuing bills of lading, updating customers on cargoes loaded and arrival at destination, billing and cost management.
Earlier, LSC put in place SAP software for accounting and material management.
LSC recently acquired a 10-year old, 400-TEU geared container vessel, soon to be renamed MV Lorcon General Santos. The vessel will replace the 34-year old MV Lorcon Davao.
LSC posted a net income after tax of P11.2 million in 2011, up 78.5% from the previous year’s P52 million.
Photo from www.lorenzoshipping.com
