Philippines ro-ro and ro-pax owner 2Go has swung to a loss in 2017 despite revenue rising.
The net deficit was PHP 310m ($5.97m), against profit of PHP 344m in 2016, according to a filing cited by Bloomberg.
Revenue was up 13%, helped by logistics operations.
“2017 was a year of continued good underlying performance for 2Go, with significant actions taken to strengthen the long-term strategy and governance of the company,” said CEO Frederic Dybuncio.
The board has also approved a plan to consolidate parent Negros Navigation and 2Go into one.
This will streamline operations, reduce costs and increase shareholder value, it believes.
