Article - LBC income up to PhP 1.377B in 2017

MANILA, PHILIPPINES: LBC Express Holdings, Inc. (LBC) recently disclosed to the SEC & PSE its audited financial statements for 2017, with notable results. Income before tax (excluding the effect of the convertible instrument) was registered at PhP 1,377,598 billion, a 4% increase from PhP 1,325,091 billion in 2016. Revenues increased 15% to PhP 10,020,116 billion in 2017 from PhP 8,695,403 billion in 2016. LBC’s operating company, LBC Express, Inc., likewise registered growth in Net Income after tax, increasing 7% in 2017 to PhP 984,921,653 million from PhP 920,249,493 in 2016. 
Logistics revenues continue to contribute the lion share to the company’s coffers, with 86% contribution at PhP 8,981,212 billion, a 19% growth from the previous year. LBC Logistics revenue can be further segmented into its Retail and Corporate businesses, both having double-digit growth in 2017. Retail Logistics grew 16% to PhP 5,751,655,749 billion from PhP 4,964,000,749 in 2016; while Corporate Logistics increased 26% to PhP 3,229,513,847 from PhP 2,557,865,998 in 2016.
In the Philippines, 57 (net) new branches were opened across Metro Manila, Luzon, Visayas and Mindanao-- bringing the total number of wholly-owned branches to 1,321 by end 2017. This branch expansion continues to provide volume growth while also extending the brand’s reach and footprint. Revenue from Philippines retail branches increased 12% in 2017, contributing a total of PhP 645 million to total revenues of the company.