Lorenzo Shipping Corp. said net income soared 322.2% to P30.638 million for the first three months of this year from P7.257 million for the same period last year, as net revenue rose 15% to P515.579 million from P448.439 million.
The listed domestic cargo liner attributed the improvement “to higher volume as a result of co-loading shipments from affiliate companies, as well as an increase in new accounts and northbound cargoes from recovered accounts.”
Other income plunged 61.02% to P3.491 million from P8.969 million due to vessel insurance claims collected for its vessels Lorcon CDO and Lorcon Visayas, which transpired on the first quarter of 2013.
Direct costs rose 4.2% over the same period last year due to higher volume and consequently higher fuel and voyage-related costs.
Lorenzo incurred P426.391 million in direct costs in the first three months compared with P409.357 million for the same period in 2013.
Finance costs increased 88% or P5.47 million substantially due to foreign exchange loss recognized during the first quarter as opposed to the foreign exchange gain that posted in the same period last year.
Lorenzo earlier said it would launch its e-commerce website within the year to provide more flexibility to its customers through online booking and would set up “more trucking support” to meet an expected increase in volume.
Beyond 2014, the company plans to add ports of calls, such as in Batangas and the Visayas.––Roumina M. Pablo
Photo from www.lorenzoshipping.com
