GAINS from freight operations boosted 2GO Group’s revenues by 5.78% to P13.72 billion last year as shipping business accounted for the bulk of its turnover, the publicly listed Philippine shipping and logistics company said.
The firm posted a net loss of P386.21 million, 38.27% less than the P625.60 million loss in 2011.
2GO incurred a consolidated net loss of P94.8 million in 2012 during the second phase of the integration. The amount was 93.2% better than the consolidated net loss reported in 2011.
On the other hand, 2GO’s passage revenues, including food and beverage, went up 6% to P2.8 billion last year from P2.6 billion in 2011 largely due to vessel and route rationalization that was implemented by management.
“The shipping business accounted for 71% of the total revenues, while supply chain contributed 29% of total revenues,” 2GO said in its 2012 annual report filed with the Philippine Stock Exchange.
The higher revenues and the absence of an “impairment loss” helped 2GO trim its losses last year, the firm said.
In 2011, the firm took a P223.64 million impairment loss from the sale of two vessels, according to audited consolidated statements of income attached to the disclosure.
“Having hurdled most of the major integration targets for 2011 and 2012, management is confident that in the ensuing years, it will fully realize the benefits of the integration,” the company said.
2GO said it expects to generate substantial savings after it completes consolidating its passenger operation with its cargo business at the North Harbor this month.
The company targets its passenger traffic to reach 2.5 million this year, which will coincide with the opening of Manila North Port’s new passenger terminal complex.
At least five passenger ships have already transferred from the South Harbor, operated by Asian Terminals Inc. (ATI), to the North Harbor, run by Manila North Harbour Port Inc. (MNHPI).
2GO Travel chief commercial officer Stephen Rey Tagud said that from a passenger count of 1.9 million in 2012, the carrier hopes to draw 2.5 million passengers this year.
President and CEO Sulficio Tagud Jr. said 2GO is happy about the brand-new passenger terminal in North Harbor, where the “points of views of port users including myself, were considered during the planning stage.”
“The terminal is designed to be functional for port users. We will certainly pay port charges and passengers will pay terminal fees,” he said.
MNHPI CEO Richard Barclay said the soft launch of the passenger terminal building is slated for mid-May, with full operations expected by June.
“We will have a new state-of-the-art passenger terminal which is the country’s first, and in my opinion, better than the airport,” Barclay said.
Image from www.2go.com.ph