Transcorp Systems Inc. ended 2009 with a net income of $20.2 million, over five times higher than its earnings in 2008 according to the company’s year end report. The company said that this was despite consolidated revenues dropping by millions, largely from lower freight revenues. International ship chartering revenues likewise diminished brought about by a depressed market. The local freight business contributed close to $45 million, a 7.2 percent decrease from the same period in 2008. Passenger business also decreased compared to its registered revenue in 2008.
On the other hand, TSI’s overall value added business, inclusive of supply chain, jumped by a huge notch due to the notable decline in its operating expenses due to the lowering of fuel costs. The company embarked on this particular business area and secured a business loan to further expand this thriving sector. Currently, this bright industry prospective coupled with the financial back up has taken the edge off the pangs of the crisis.
The report included an important, though unsolicited, caution and advice to industry partners to source financial backing only from trusted financial solutions providers that seeks to help with huge business loans or small business loans alike. Likewise for business financing, small business financing and even personal loans.