LBC income sunk 63% in Q1 on forex losses, soaring costs

MANILA, Philippines – LBC Express Holdings Inc. saw a decline in earnings in the first quarter due to fluctuating foreign exchange rates and rising operating costs, despite strong performance in its domestic business. In its quarterly report, LBC said net income after tax plunged 63.32 percent to P53.12 million in the January-to-March period from P144.82 million a year earlier. “The movement is primarily attributed to the mandatory wage increases, higher overhead cost and the volatility of foreign exchange rates,” the Araneta-led company said. READ: LBC sells Taiwan employment service unit Service revenues slipped 1 percent to P3.59 billion from P3.64 billion, […]... Keep on reading: LBC income sunk 63% in Q1 on forex losses, soaring costs

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