LBC Express swings to loss

LBC Express Holdings, Inc. on Monday reported that it swung to a loss in the third quarter of the year, mainly due to higher expenses.

The listed company said its attributable net loss for the quarter was P64.22 million, compared with a profit of P448.50 million in the same period a year earlier.

“This is mainly driven by higher cost of sales, interest expense and loss on derivatives for 2021,” the company said in its quarterly report. —