By The Financial District
2Go Swang To Profit In January-September
2Go Group Inc., the logistics firm owned by conglomerate SM Investments Corp., said it posted a net income of P240 million in January to September, a reversal of last year’s net loss of P939 million.
Photo Insert: Shipping revenues rose 68%, as freight grew 47%, while travel grew 259%.
The strong performance was driven by continued growth across major business lines with a focus on the quality of revenue and customers combined with efficiencies in operations and controlled costs, the company said.
“The normalization of economic activity in the Philippines is fueling a demand for more transportation and logistics services to move goods and people across the country. We will continue working to provide customers with reliable end-to-end logistics solutions that enable businesses, communities, and the nation as a whole,” Frederic C. DyBuncio, 2Go president and CEO, said.
The company said its revenues grew 20% during the period to P14 billion from the previous year’s P11.5 billion. Shipping revenues rose 68%, as freight grew 47%, while travel grew 259%, the company said.
Shipping saw continued volume momentum in shipment of goods, while the passenger business continued to improve as Filipinos travel interisland, 2Go said. Logistics and other services revenue grew 28%, boosted by the growth in cold chain services, forwarding, and e-commerce fulfillment.
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