Courier operator LBC Express Holdings Inc. said Friday it will revive a plan for a follow-on offering to raise more than P800 million.
LBC Holdings chief risk officer Enrique Rey said in a news briefing the company planned to push through with the share sale either by the fourth quarter this year or in the first half of 2017.
“The soonest we can do it would probably be in fourth quarter. But first half of next year would sound more reasonable,” Rey said.
LBC Holdings earlier planned to raise P829 million from the sale of 69.1 million shares priced at P12.40 apiece.
Rey said the amount to be raised through the follow-on offering could be higher this time, as the company managed to grow its business since the original application for a follow-on offering was filed with the Securities and Exchange Commission in 2015.
LBC Holdings said net income jumped 43 percent in the first half to P413.8 million from a year ago, on the back of the strong growth in the volume of its logistics business and higher air cargo rates.
Higher revenues from its logistics business from both retail and corporate sales boosted service revenues by 10.5 percent to P4.13 billion from P3.74 billion.
Revenues from the logistics business grew 16.1 percent to P3.53 billion from P3.04 billion, due to higher volume and rate of air cargo services rendered.
The company expanded its footprint with 24 new branches in the Philippines and one branch in the Middle East, translating into higher volume of its cargo forwarding services.
The freight forwarder also managed to contain the growth of cost of services at 6.3 percent to P2.71 billion in the first half from P2.55 billion in the same period last year.
LBC Holdings said it benefitted from favorable freight rates of major carriers, increased utilization of flights and efficient use of sea carriers.
LBC Holdings said profit in the second quarter went up by 5.8 percent to P196.46 million from P185.64 million in the same quarter last year. Service revenues rose 8.9 percent to P2.07 billion in the second quarter from P1.9 billion a year ago.