Philippine carrier Lorenzo Shipping Corporation reversed its net loss of P22.237 million in the first nine months of 2013 to a net income of P9.156 million for the same period this year.
Revenue from January to September 2014 was up 8.7% to P1.483 billion from P1.364 billion recorded in the same period in 2013.
In a disclosure to the Philippine Stock Exchange, Lorenzo said the improvement was “due to higher volume from co-loading shipments.”
Other income for the first nine months, however, declined 234.77% or by P50 million due to a loss on the sale of a vessel in the second quarter of the year.
For the third quarter alone, revenue surged 21.5% to P502.597 million from P413.696 million in July to September last year.
However, a net loss of P348,397 was recorded in the third quarter, but this is much lower than the net loss of P52.573 million in the same period last year.
Lorenzo president Roberto Umali earlier told PortCalls that the carrier’s capital expenditure for 2014 is P600 million.
For this year, Lorenzo replaced one of its vessels, MV Lorcon Zamboanga, with MV Lorcon Bacolod, a 14-year-old vessel equipped with two 40-ton cranes and a capacity of 275 twenty-foot-equivalent units (TEUs) to maintain its fleet of seven vessels.
As for its container refleeting program, Lorenzo bought 200 brand-new containers to address the growing demand of its customers for food-grade vans.
The company will be launching its e-commerce website before the end of the year, to be synchronized with and to enhance its SAIL system which was introduced early in 2013.
Consistent with its long-term goals and plans, Lorenzo is set to acquire the container yard it is leasing in Bacolod, “considering the promising growth in the city as depicted in the 27% increase in volume since the start of operations in year 2000.”
Likewise forecasting volume growth in Davao, the shipping line has transferred to a new and bigger container yard in the region. – Roumina Pablo
Photo from www.lorenzoshipping.com
