LBC Express to pursue expansion plan, open 100 branches this year

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Credit: Read the original article from Manila Standard Business.

Logistics provider LBC Express Holdings Inc. said Monday it is keeping its target to open 100 new branches this year as businesses start to recover from the impact of the pandemic.LBC Express said in a statement it would carry on its network expansion plan and capacity expansion program that include new warehouses in several parts of the country. The company has 1,520 branches.“As the group has embarked on a recovery plan, its main objectives are to rebalance and reposition its services toward new consumer needs and behaviors, and rapidly innovate its services and capabilities to leverage on the accelerated shift of consumers to e-commerce. With this, LBC has been expediting its digital services both for retail and corporate customers,” the logistics firm said.The group recently launched PayCollect, a convenient and efficient service for corporates, micro-, small- and medium-enterprises, and online sellers, with any of the company’s branches serving as payment collection stations.LBC Express said it would also launch SoShop!, an end-to-end solution for those who transact business via social media in response to the rapid growth of e-commerce in the country.It said that through this program, the company would provide exclusive access to tools and initiatives, payment solutions, skills training and a tracking solution, negating the need to invest in proprietary software.

Meanwhile, LBC Express saw its third quarter net income hit P448.5 million, up 37.6 percent from P325.9 million in the same period last year.LBC Express said third-quarter revenues improved 6 percent to P3.90 billion, largely driven by a 33-percent increase in retail logistics sales.Nine-month net income, however, went down by 86 percent to P53.23 million from P397.2 million recorded a year ago.LBC Expresses said revenues from January to September dropped by 16 percent to P9.63 billion because of lower volumes brought by the lockdowns and additional depreciation and amortization.

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