Chelsea Logistics eyes return to profitability soon

Dennis Uy’s Chelsea Logistics and Infrastructure Holdings Corp. is optimistic to return to profitability soon, as the company on Tuesday reported narrower losses and record revenues in the first quarter.

In a regulatory filing, Chelsea reported a net loss of P324.044 million, an improvement from the P415.641 million during the same period last year.

Revenues climbed 31% to P1.708 billion from P1.299 billion, to mark its biggest first-quarter performance since the COVID-19 lockdowns started in March 2020, on the back of the growth in its cargo and passage revenues.

The firm’s passage segment reported a 155% increase in revenues to P407 million due to the surge in passenger volume, while cargo revenues increased 9% to P883 million, accounting for 52% of the group’s top line.

“As we continue to keep a close eye on our costs and grow our revenue in line with a recovering economy, we will shortly return to profitability, probably sooner than later,” chief financial officer Ignacia Braga IV said.

Chelsea Logistics’ core businesses are divided into tinkering, passage, freight, tugboat, and logistics services.

Its subsidiaries include Chelsea Shipping Corp., Trans-Asia Shipping Lines Inc., TASLI Services Inc., Worklink Services Inc., Starlite Ferries Inc., and The Supercat Fast Ferry Corp.

“The year has started well for us. We are witnessing significant positive developments, notably from the passage which has historically been one of our weaker segments,” president and chief executive officer Chryss Alfonsus Damuy said.

“We will continuously optimize our financial resources to improve these four areas of the business critical to our recovery: fleet availability, customer experience, operational excellence, and technology advancements,” he added. —KBK, GMA Integrated News