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Nov 17, 2016 @ 20:02

Araneta-led LBC courier group builds war chest for growth


Logistics firm LBC Express Holdings Inc. Is pursuing its planned follow-on offering of shares by the first quarter of next year to raise about P1.17 billion.

Mike Camahort, president of LBC Express Holdings, said the company was looking at selling as much as 60 million shares for a maximum price of P17 each share.

He said the company remained upbeat about hitting its P1 billion profit goal for the year, 49.2 percent higher than the previous year.

For the nine months to September this year, LBC’s earnings jumped 54 percent to P627.34 million..

The company attributed its strong performance to its focus on expanding its portfolio of business solutions simultaneous with its push to continuously improve express delivery service.

“It’s a trend that we see continuing as we move into the last quarter of the year, which is typically the industry’s peak season,” Camahort said

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