LISTED transport and logistics company 2Go Group Inc. said Wednesday it incurred a net loss of P310 million in 2017, compared to a net income of P344 million in 2016, due to the impact of one-off charges related to strategic initiatives.
“2Go took in costs to strengthen the business for the future. This, along with business strategic initiatives and governance changes, are in line with the management changes,” 2Go Vice President for Planning and Corporate Communications Jovito Santos told The Manila Times in an e-mail interview.
“The underlying net income is P314 million positive,” Santos added.
The company told the stock exchange that excluding one-off charges, recurring net income was P314 million and recurring earnings before interest, tax, depreciation and amortization (EBITDA) was P2.9 billion.
It said revenues in 2017 rose 13 percent to P21.6 billion, driven mainly by the strong performance of its non-shipping business.
2Go said that it had approved a plan to consolidate Negros Navigation Company Inc (NENACO) and 2Go resources into one entity to streamline operations, reduce costs and increase shareholder value.
Online delivery start-up Mober Technology PTE also announced that it had received funding from 2Go and would now be able to serve the businesses of SM Investment Corp, which owns a 34.5-percent minority stake.
“2017 was a year of continued good underlying performance for 2Go, with significant actions taken to strengthen the long-term strategy and governance of the Company,” 2Go President and Chief Executive Officer Frederic Dybuncio said in a statement.