-
Chelsea Logistics and Infrastructure Holdings Corp. trimmed its net loss by 7% in the first half of 2022 to P1.004 billion from P1.074 billion a year ago as revenues from most divisions climbed
-
Passage revenue surged six times to lead overall 37% revenue growth as easing travel protocols drove up passenger traffic
-
Freight, logistics, tugboat revenues and sales of goods all increased
Chelsea Logistics and Infrastructure Holdings Corp. (CLC) trimmed its first-half net loss by 7% to P1.004 billion from P1.074 billion year-on-year.
Overall revenue for the first six months grew 37% to P2.91 billion from P2.13 billion in the same period last year, CLC said in a regulatory disclosure.
Revenue from the passage segment surged six times to P517 million due to easing of travel protocols, which increased passenger volume during the period.
Freight revenue grew to P1.591 billion, a 28% year-on-year increase.
Jumping 20% year-on-year to P269 million was revenue from the logistics segment, coming mostly from the upturn in revenues from the warehousing and trucking segments, and from e-commerce, a new business line.
Tugboat revenue rose to P173 million from ₱163 million as the number of vessel movements grew, notably in the Davao operations, and also due to rate increases.
CLC said the shipping segment implemented rate increases to partially cover the rising cost of fuel.
Sales of goods likewise surged 64% to P51 million.
With the sale of a tanker last year and the extended drydocking of certain vessels, tankering revenue decreased to P308 million from P326 million.
Cost of sales and services in the first half advanced 16% to P2.64 billion, mainly due to higher global petroleum prices.
For the second quarter alone, revenue jumped 65% year-on-year to P1.61 billion from P975.96 million.
CLC president and chief executive Chryss Alfonsus Damuy said the group is encouraged by its second-quarter results, especially for the passage segment: “With the continued reopening of the economy, we are launching Chelsea Travel, our unified online booking system for passengers to further accelerate the recovery of our passage business. We are hopeful that passage revenues will soon revert to pre-lockdown levels.”
CLC early this month launched Chelsea Travel, a unified online booking system now used by its three shipping lines Starlite Ferries Inc., The SuperCat Fast Ferry Corp., and Trans-Asia Shipping Lines Inc.
CLC is the shipping and logistics arm of the Udenna Group of Companies. Its subsidiaries include Chelsea Shipping Corp.; Trans-Asia, Udenna Investments B. V.; Starlite Ferries, Worklink Services Inc.; TASLI Services Inc., and SuperCat.
