Lorenzo Shipping Corporation (LSC) has trimmed its loss in the third quarter of the year following the launch of its “turnaround project”.
The Manila-based company reported a net deficit of PHP 18.9m ($0.38m) from July to the end of September, against red ink of PHP 164.54m a year ago.
Its operating expenses rose from PHP 503.3m to PHP 555.6m
LSC reported operating revenue of PHP 565.2m, an improvement from last year’s 503.3m.
The Filipino group pledged to deploy its vessels on profitable routes and implement cost reduction initiatives as part of its turnaround scheme.
