Philippine publicly-listed cargo carrier Lorenzo Shipping Corp (LSC) posted a net income of P25.438 million in the first nine months of the year, 11% below the P28.605 million posted year-on-year.
This despite a 142.1% jump in gross profit to P150.830 million from P62.294 million last year, and a 13.48% rise in net revenue to P1.352 billion from P1.192 billion.
Other income decreased 15.2% to P24.423 million from P28.811 million.
Direct costs went up 6.4% to P1.201 billion against last year’s P1.129 billion.
Cost of service represented P1.036 billion of direct costs, up 2.7% from P1.009 billion. Terminal operating expenses were 37.3% higher to P164.929 million from P120.158 million.
General and administrative expenses dipped 0.8% to P124.328 million versus P125.27 million while finance cost and other charges went up 20.2% to P28.281 million from P23.536 million.
LSC, owned and operated by the Magsaysay Transport and Logistics Corp, is expected to rack up a 5% growth in revenue and cargo volume this year.
To save on cost, Magsaysay integrated some LSC operations with sister firm NMC Container Lines (NMC), including sharing common container yards in Cebu, General Santos and Davao, Some contracts with service providers were also terminated.
In addition, LSC and NMC last year formed a joint venture to handle both companies’ cargo-handling chores.
LSC operates a fleet of seven vessels deployed nationwide. Vessels have capacities ranging from 200 twenty-foot equivalent units to 426 TEUs with speeds of 11 to 15 knots.
Photo from www.lorenzoshipping.com/services
