In a statement, the firm said this marked an improvement from the P457.89 million recorded during the same period in 2023.
The growth was attributed to higher gross profit and reduced operating expenses, despite a challenging business environment.
Gross profit for the period rose slightly to P2.3 billion, supported by improved efficiencies and cost rationalization measures.
Operating expenses dropped by 2% to P1.79 billion, driven by reductions in manpower costs, utilities, depreciation, and software maintenance.
These savings were partially offset by higher professional fees, credit loss provisions, and taxes.
While the company’s cost-cutting initiatives, such as branch rationalization and workforce rightsizing, have enhanced efficiency, they have also necessitated adjustments to service delivery.
To counter reduced brick-and-mortar presence, LBC has expanded its online pick-up service, accessible through its website and mobile app.
Service revenues declined by 3% to P10.58 billion, reflecting a 6% drop in the retail segment.
However, this was mitigated by a 10% growth in the corporate business segment, underscoring the company’s resilience and ability to tap into diversified revenue streams.
For the first nine months of 2024, the company incurred a net loss of P240.9 million, reversing the P242.4-million in earnings recorded during the same period last year.
Despite these challenges, LBC remains committed to innovation and customer-centric strategies. The company is integrating advanced digital solutions to support e-commerce platforms, enabling online retailers to offer reliable logistics services.
“We are determined to drive productivity and profitability while investing in efficiency and future growth,” said Enrique Rey, Jr., chief finance officer of LBC Express Holdings Inc.
As LBC approaches its 75th anniversary in 2025, the company aims to sustain its market leadership in logistics and financial services.
With a presence in 30 countries and over 1,500 branches in the Philippines, LBC continues to focus on adapting to customer needs and delivering superior service.
