LBC income more than doubled to P921.6 million in 2016

COURIER LBC Express Holdings Inc. on Thursday said its profit last year more than doubled to P921.61 million, from P439.81 million in 2015.

Consolidated revenues reached P8.85 billion, up 13 percent, from P7.8 billion.

The company said total service revenues increased by 13.13 percent, at P8.7 billion, from P7.69 billion, due to the strength of the logistics segment that posted a double-digit growth in both retail and corporate sales. “Specifically, revenues from the logistics segment grew by 20 percent, due in large part to the additional 48 new branches that opened in the Philippines and the incremental increase in the company’s volumes from cargo forwarding services during the year,” the company said.

“The year 2016 was a robust year for the country’s leading express delivery and logistics, and money remittance company, LBC, whose focus on maintaining its foothold is supported by customer-forward innovations and vision of improving operations through automation,” it said.

Core profit from the operating unit LBC Express Inc. was at P920.2 million, or more than three times higher than the prior year’s P290.28 million.

“With a strong focus on efficiency, operating expenses went down by 4 percent, although cost of services increased by 9 percent, a 2-percent improvement as percentage to revenue from last year, relative to efficiencies and additional technology,” it said.

LBC said it is taking aggressive steps toward continued growth by focusing on a developing logistics market anchored on tailored services, consistent e-commerce initiatives, and the addition of new technologies and systems designed to make freight forwarding more efficient.

LBC closed 2016 with assets of P1.328 billion, a 36-percent increase from last year’s numbers.