Chelsea Logistics hails turnaround in June semester
Chelsea Logistics and Infrastructure Holdings Corp. of Davao-based businessman Dennis Uy logged a P231-million profit in the first semester of this year. This reversed a net loss of P81 million in the same period a year ago.
In a statement on Friday, the listed shipping and logistics firm said revenues increased by 17 percent to P4.67 billion. This was driven by solid performance across most business segments.
“Our financial turnaround underscores the strength of our disciplined resource management and unwavering focus on operational efficiency. Through strategic cost control, optimized asset utilization and aligned capital deployment, we’ve reinforced our financial foundation and achieved sustainable profitability,” Chelsea Logistics CFO Darlene Agus-Binay said.
Chelsea Logistics president and CEO Chryss Alfonsus Damuy said the financial recovery marks a new chapter for the listed firm.
“Guided by our strategic vision and a steadfast commitment to operational excellence, we have achieved a meaningful turnaround and returned to positive financial result,” Damuy said.
During the reporting period, the company said freight and passenger volumes rose, buoyed by improved pricing. Meanwhile, asset optimization and vessel deployment to higher-yield routes helped mitigate vessel availability challenges.
Chelsea Logistics said freight remained the top revenues contributor with 45 percent. The company deployed chartered roll-on/roll-off (ro-ro) vessels to alleviate capacity constraints.
Passage revenues soared by 30 percent, accompanied by passage-related cost of sales and services. The latter expanded by 41 percent because of the expansion of shore-based restaurants and cafés.
Logistics rose by 29 percent, fueled by its strong core business B2B (business-to-business) segment.
However, chartering decreased by 9 percent, affected by the off-hire of certain vessels. Tug services, meanwhile, faced challenges stemming from vessel unavailability due to extended drydocking and breakdowns.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) stood at P1.6 billion, a 33 percent increase. Gross profit rose 34 percent to P1.17 billion while operating profit settled at P650 million, up 47 percent.
