Logistics provider LBC Express Holdings Inc. said over the weekend net income declined 21.2 percent in the first quarter to P140 million from P177.8 million in the same period last year despite higher revenues.
LBC Express said in a financial statement filed with the stock exchange revenues rose 15 percent in the first three months to P4.36 billion from P3.8 billion a year ago.
Domestic revenues increased 13 percent as its logistics business grew by 17 percent, driven by 75 new branches that became operational since the same period last year and the improvement in sales performance of existing branches.
Overseas revenues also rose 27 percent on higher volume across all countries.
The company said the cost of services also increased by 16 percent to P3.2 billion as cost of delivery and remittance were also higher. Operating income meanwhile reached P477.87 million, up 55 percent from P308.3 million last year.
“LBC is on track toward recovery from the previous year, and poised to continue its expansion, with facilities under construction and additional branches in the pipeline for the year,” the company said.