LISTED courier and money transfer company LBC Express Holdings, Inc. said Thursday its net income last year soared 120 percent to P913.94 million from P416.3 million in 2015 due to the rise in air and courier services driven by improved cost of air and sea freight.

In a statement, it said gross revenues more than doubled in 2016, surging 13.5 percent to P8.85 billion from P7.8 billion in the previous year.