Ferry owner 2Go sees profit fall by 37%

Philippines ro-ro and ro-pax owner 2Go Group has seen its profit for the second quarter fall by 37%.

Earnings for the period sat at PHP 383.46m ($7.5m), against PHP 606.45m in the same spell of last year.

It attributed the final result to an increase in the cost of goods and services during the quarter.

Total costs, including oil, lubricants, provision for cargo losses and personnel costs, were PHP 5.14bn, versus PHP 4.16bn.

But overall revenue rose to PHP 6.29bn, up from PHP 5.6bn a year ago, 2Go said.

The ferry owner saw its stock suspended in mid-July due to an accounting issue.

Trading of 2Go shares resumed a couple of days later after it restated profit for the last three years.