2Go posts 24% increase in 2016 net income

2GO Group Inc. registered a 24-percent increase in consolidated net income last year, on the back of "sustained topline growth" and "improved cost efficiencies."

In a filing on Monday, the integrated supply chain company said consolidated net income grew to P1.34 billion last year, up from P1.08 billion in 2015.

"Management attributes this strong performance to sustained topline growth coupled with improved cost efficiencies," it said.

Consolidated revenues rose by 17 percent to P19.28 billion from P16.42 billion, driven primarily by the non-shipping business.

Non-shipping revenues posted a 30-percent growth to P10.32 billion, following increased service offerings and improved market share from major accounts.

Costs and expenses grew by 15 percent to P16.74 billion.

Last month, SM Investments Corp. acquired a 34.5-percent minority stake in 2Go. The logistics services company is in the business of shipping, freight forwarding, warehousing and express delivery services. — Jon Viktor Cabuenas/VDS, GMA News