2GO Group Inc., a subsidiary of SM Investments Corp., said Friday it posted a P109-million net profit in the second quarter, a solid turnaround from the P308.7-million net loss it booked in the same period last year.
The company said the strong performance was driven by increased activities in the second quarter across major business lines, boosted by shipping and passenger volumes as the economy opened up.
Shipping revenues rose 67 percent, as sea freight revenues grew 54 percent and passenger travel revenues climbed 155 percent. Shipping saw increased volumes of goods transported to the Visayas and Mindanao, while passenger numbers also increased significantly as movement restrictions were lifted.
Logistics and other services revenues grew 22 percent, boosted by the growth in cold chain services, forwarding and e-commerce fulfillment. 2GO posted P8.7 billion in revenues and P74 million in net income in the first six months.