2GO cuts net loss to P35 million in first quarter as economy recovers

ABS-CBN News

Posted at May 16 2022 12:16 PM

2GO Maligaya is the latest roll-on, roll-off passenger (ROPAX) ship of the transportation and logistics provider. Handout
2GO Maligaya is the latest roll-on, roll-off passenger (ROPAX) ship of the transportation and logistics provider. Handout

MANILA - Transport and logistics firm 2GO Group Inc on Monday said it has trimmed its net losses by 88 percent in the first quarter of 2022. 

Net losses declined to P35 million for the first 3 months compared to the P292 million in the same period last year, the Sy-led group said in a disclosure to the stock exchange.

Shipping revenues rose 53 percent on the back of the increased volume of sea freight and travels with the economic recovery underway, while logistics and other service revenues grew 14 percent, bringing the total revenues for Q1 to P3.9 billion, it said.

"Our company focused on profitable services and customers, while driving efficiencies in our operations and stringently controlling costs. We are encouraged by the country's reopening as it opens opportunities for us to facilitate economic activity," 2GO president and CEO Frederic DyBuncio said.

"As the economy continues on its path towards recovery, 2GO looks forward to the return of travel and tourism," Dybuncio added.

2GO recently invested in the largest and most 'technologically-advanced' RORO passenger vessels, MV 2GO Masagana and MV 2GO Maligaya. 

2GO became a subsidiary of SM Investment Corp after the Sy-led group acquired the majority of the outstanding voting capital stock from Dennis Uy's Chelsea Logistics.

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