Transportation and logistics service provider 2GO Group Inc., a subsidiary of SM Investments Corp., said Thursday it swung to a P240-million net profit in the first nine months from a P939-million net loss last year.
The company also delivered back-to-back profitable quarters with a strong third-quarter net income of P166 million, a 52-percent increase over the second quarter.
It said 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.
Revenues grew 20 percent to P14 billion in nine months from the same period last year. Shipping revenues rose 68 percent as freight grew 47 percent and travel increased 259 percent.
Shipping saw continued volume momentum in the shipment of goods, while the passenger business continued to improve as Filipinos travel interisland.
“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,” 2GO president and chief executive Frederic DyBuncio said. Darwin G. Amojelar