Ferry owner 2Go makes less

Filipino ferry group 2Go has started 2017 with a smaller profit as operational expenses rose.

The ro-ro and passengership owner reported net income of PHP 266.8m ($5.37m), compared to PHP 287m in the corresponding quarter of 2016.

Quarterly revenue rose from PHP 4.2bn to PHP 4.9bn, 2Go said.

But operational expenses also went up from PHP 3.8bn to PHP 4.5bn.