LBC Express Claims Profit in 2025, But Cracks Remain Underneath

LBC Express Holdings Inc. is celebrating a ₱181.3 million profit in the first half of 2025, but the numbers reveal a recovery that may be less impressive than it first appears.

The turnaround looks dramatic compared to last year’s ₱190.9 million net loss, yet the underlying picture shows revenues are actually lower than they were in 2024.

Digging Into the Numbers

First-half service revenues fell to ₱6.98 billion from ₱7.13 billion last year, a decline that undercuts the company’s optimism.

Gross profit rose 6 percent to ₱1.63 billion, but that was largely because of a 4 percent cut in service costs, not because of stronger sales.

Operating income climbed 19 percent to ₱393.8 million, though the boost was modest when measured against overall revenue shrinkage.

EBITDA inched up by just 3 percent to ₱562.4 million, suggesting limited improvement in cash-generating power.

Operating expenses went up 3 percent to ₱1.24 billion, a reminder that costs are still climbing despite the belt-tightening.

Quarterly Numbers Show the Same Pattern

LBC booked ₱132.6 million in net income from April to June, but that reversal from last year’s ₱131.4 million loss again came on thinner revenues.

Quarterly revenues stood at ₱3.58 billion, down from prior years, while gross profit only inched higher to ₱683.5 million from ₱663.1 million.

Heavy Reliance on Old Pillars

The logistics business carried the company once again, making up 97 percent of revenues, or ₱6.75 billion.

Retail services delivered 67 percent of that, corporate solutions 30 percent, and money services trailed far behind with just 3 percent.

Even geographically, the business remains weighted at home, with 61 percent of revenues coming from domestic operations despite years of talk about expanding its international footprint.

Leadership’s Spin

“We are on track and delivering even better results,” the company said, painting the results as proof of resilience.

Chief Finance Officer Enrique V. Rey Jr. insisted that challenges had made the company stronger, though skeptics might see cost-cutting rather than growth as the real driver of the rebound.

What Comes Next

Founded in 1950, LBC has long positioned itself as the country’s logistics giant, but this latest earnings recovery leans heavily on expense control, not revenue expansion.

The company promises more technology investments and global expansion, though it has been making similar pledges for years without dramatically changing its revenue mix.

The real question is whether this profit surge is the beginning of a sustainable climb, or just a short-lived lift built on cutting costs while the core business remains stagnant.