Listed 2GO Group Inc. reduced its net loss by 70 percent in the first quarter of 2020 after recording lower expenses. In a disclosure on Thursday, the shipping and logistics company said its net loss attributable to equity holders reached P108.92 million, lower than the P369.03-million net loss it incurred in the same period in 2019. “Total cost and expenses were lower in the first quarter of 2020 compared to 2019, despite rising transport costs for the logistics business and increased sales of inventory from the distribution business,” it added. Fuel prices were also down by 32 percent, where 2GO had a favorable price variance of P191 million in January to March. “All other costs and expenses were generally maintained or reduced due to improvements in efficiencies and focus on controlling cost,” it explained.

Source: Manila Times May 28, 2020 16:29 UTC