Philippines ferry group Negros Navigation saw a 42% increase in net income in the first six months of the year, driven by strong revenue growth.
The owner said it posted net earnings of PHP 1.7bn ($24.88m) to 30 June, against PHP 1.2bn a year ago.
It put this down to "maintaining its healthy cost-to-revenue ratio."
The parent of 2Go Group also denied reports that Udenna Corporation, a holding company owned by Phoenix Petroleum CEO Dennis Uy, recently acquired a substantial stake in the company.
Udenna
