Fresh debts push LBC to net loss in 9 months

Express courier LBC Express Holdings Inc. fell to a net loss in the nine months to September as the company borrowed fresh loans from local banks for project funding.

-  ELIJAH FELICE ROSALES

Based on its financial report, LBC Express incurred a net loss of P240.86 million from January to September, a reversal from its profit of P242.38 million a year ago.

While LBC Express slashed expenses by three percent to P8.3 billion, this was offset by a three-percent reduction in revenue to P10.58 billion.