Philippines ro-ro and ro-pax group 2Go has seen first quarter profit boosted by non-vessel operations.
Net earnings were PHP 42.2m ($0.8m), up from a loss of PHP 265.84m in 2017.
Revenue was up 11% to PHP 5.37bn, thanks to its logistics and distribution business, according to Business World.
The figure from its ships fell to PHP 1.9bn, down 18% from 2.32bn in 2017.
It blamed the scheduled dry docking of seven vessels, as well as storms and typhoons that forced cancellations.
"The overcapacity and competition in the freighter market continues to push down the freight rates," it said.
Higher fuel bills also contributed to a 15% jump in expenses to PHP 4.8bn.
