Logistics provider 2GO Group Inc. said Friday it reduced its net loss by 88 percent in the first quarter on the back of higher freight and travel revenues.
The country’s leading transportation and logistics firm incurred a net loss of P35 billion from January to March, lower than the P292-million loss it registered in the same period last year.
Shipping revenues climbed 53 percent, as both sea freight and travel gained traction. Logistics and other services revenues grew 14 percent, boosted by the growth in cold chain reefers, e-commerce fulfillment and international courier services.
The company said it delivered P3.9 billion in revenues in the first three months.
“Our company focused on profitable services and customers, while driving efficiencies in our operations and stringently controlling costs. We are encouraged by the country’s reopening as it opens opportunities for us to facilitate economic activity,” 2GO Group president and chief executive Frederic DyBuncio said.
