Chelsea Logistics net loss down 30% in first nine months

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Starlite Ferries Inc. , one of the subsidiaries of Chelsea Shipping. Photo from Chelsea Shipping.
  • Chelsea Logistics and Infrastructure Holdings Corp. reported a 30% decline in net loss to P1.044 billion in the first nine months of 2023
  • Revenue grew 15% with the passage business contributing the highest revenue
  • The shipping business recorded a 17% increase while logistics revenues dropped by 6%

Chelsea Logistics and Infrastructure Holdings Corp. (CLIHC) reported a 30% drop in net loss in the first nine months of 2023 to P1.044 billion from P1.492 billion in the same period last year.

Revenue for the same period increased by 15% to P5.3 billion from P4.6 billion year-on-year, according to CLIHC’s statement.

The passage business contributed the highest revenue of P1.4 billion, a 61% growth from P887 million, accounting for 27% of the total consolidated revenues.

CLIHC attributed this increase to the new school season, thriving travel and tourism post-pandemic, along with ongoing efforts in route expansion and digitalization.

Revenues from the freight segment grew by 9% to P2.7 billion from P2.4 billion in 2022, driven by increased cargo volume.

The charter and tugboat revenues, however, declined by 9% and 8%, respectively in 2023, amounting to P462 million and P281 million, respectively. The decrease was attributed to the drydocking of a tanker and lower tug rates during the period.

Overall, the shipping business recorded a 17% increase, with revenues reaching P5 billion in 2023, representing 93% of the group’s total revenues.

On the ground, logistics revenues dropped by 6%, to P378 million in 2023, mainly due to a decline in warehousing segment revenue.

CLIHC President and CEO Chryss Alfonsus V. Damuy emphasized the Group’s commitment to sustaining growth, saying they will “continue to go the extra mile to strengthen the four areas vital to the profitability of the shipping and logistics business: fleet availability, customer experience, operational excellence, and technology advancements.”

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