Home » 3PL/4PL » Chelsea Logistics books 21% income growth in Q1

Chelsea Logistics and Infrastructure Holdings Corp. (CLIHC) earned P139 million in net income in the first quarter of 2019, 21% higher than the P115 million reported in the same quarter in 2018.

During the first three months of 2019, CLIHC generated P1.6 billion in revenues, up 35.5% from P1.18 billion gained in the same period in 2018.

CLIHC revenues from logistics services more than doubled to P118 million against the same period last year, contributing 7% to the revenue pie.

Revenues from shipping, still the chief contributor comprising 90% of total revenues, grew by 32% to P1.5 billion.

“We are thrilled with the remarkable partial results of our logistics expansion program in terms of top and bottom line, and this is just the beginning,” CLIHC president and chief executive officer Chryss Alfonsus Damuy said in a statement.

“We are continuously expanding and optimizing our logistics assets and seizing opportunities to extend our reach,” Damuy added.

Revenues from passage rose 36% to P296 million, followed by a 35% climb in tanker and tug revenues to P663 million, while freight revenues improved 28% to P522 million during the first quarter of 2019.

“Our biggest vessel—M/T Chelsea Providence started trading and servicing various ports in the Southeast Asian region beginning November last year,” Damuy noted.

M/T Chelsea Providence’s operations largely contributed to the 28% increase in the company’s chartering revenues compared to first-quarter results during the previous year.

Other newly acquired brand-new Japan-built roll-on/roll-off passenger (RoPax) vessels, namely M/V Stella del Mar, M/V Salve Regina, and M/V Trans-Asia 19, have also started operations and contributed to the company’s first-quarter results in 2019.

On April 25, adding to its existing nine brand-new RoPax vessels, CLIHC took delivery of another Japan-built RoPax ferry in the same size and design.

However, the group’s cost of sales and services, operating expenses, and other charges went up by 33%, 21%, and 128%, respectively, driven by the additional number of vessels.

The group is actively scaling up its logistics business. Last year, CLIHC broke ground for its 2.5-hectare property along C-5 for a warehouse complex development that is expected to be operational by 2020. It is also opening additional branches of its warehousing unit, Worklink Services, Inc., in the Visayas and Mindanao to further broaden its network.

CLIHC is engaged in shipping and logistics businesses through subsidiaries Chelsea Shipping Corp., Trans-Asia Shipping Lines, Inc., Starlite Ferries, Inc., and Worklink, It also has 28.15% indirect economic interest in 2GO Group.

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