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Chelsea Logistics and Infrastructure Holdings Corp. posted a net profit of P155 million in the first nine months of the year, marking a turnaround from the P340 million net loss recorded in the same period last year
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Revenue grew 15% to P6.876 billion primarily driven by strong performances in the freight, chartering, logistics, and food and beverage segments
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The improvement reflects a continued recovery in cargo and passage volumes, expansion in business-to-business logistics, and the scaling of F&B operations, supported by an increasing number of vessels in active trade
Chelsea Logistics and Infrastructure Holdings Corp. (CLC) posted a net profit of P155 million in the first nine months of the year, marking a turnaround from the P340 million net loss recorded in the same period last year.
Revenue grew 15% to P6.876 billion in the nine-month period from P5.992 billion year-on-year, primarily driven by strong performances in the freight, chartering, logistics, and food and beverage (F&B) segments.
The improvement reflects a continued recovery in cargo and passage volumes, expansion in business-to-business logistics, and the scaling of F&B operations, supported by an increasing number of vessels in active trade, CLC said in a regulatory disclosure.
It noted, however, that vessel availability remained constrained due to extended drydocking periods and vessel operational issues.
“This period’s financial turnaround underscores our disciplined approach to cost management and strategic asset utilization. By maintaining stable operating expenses and executing a successful loan restructuring that lowered finance costs, we’ve fundamentally strengthened our bottom line,” Chelsea Logistics CFO Darlene Agus-Binay said in a press release.
Freight revenue, which contributed the most to the total, improved 12.5% year-on-year to P3.132 billion, followed by passage revenues which increased 19.7% year-on-year to P2.056 billion.
Charter fees rose 7.9% to P685 million while other service revenues grew 24% to P484.4 million. Sale of goods also surged 59.5% to P256.4 million.
Tug boat fees, on the other hand, dropped 14% to P261.674 million.
Despite these cost pressures, CLC said gross profit surged by 38% to P1.601 billion while gross profit margin improved to 23%, compared to 19% previously, driven by stronger topline performance, increased vessel utilization, and a favorable shift in contract mix toward bareboat and time chartering.
Total direct costs rose by 9% which was outpaced by the growth in revenues. This includes an 8% increase in bunkering costs, attributed to higher trip volumes and fuel price volatility.
“This period’s performance reflects the resilience and agility of our organization. Supported by our dedicated employees, we’ve not only rebounded from last year’s challenges but have laid a stronger foundation for sustainable growth,” said Chelsea Logistics president and CEO Chryss Alfonsus Damuy.
CLC is the publicly listed shipping and logistics arm of Udenna Corp. Its subsidiaries include, among others, Chelsea Shipping Corp.; Trans-Asia Shipping Lines; Starlite Ferries, Worklink Services, Inc.; TASLI Services, Inc.; and SuperCat.
READ: Chelsea Logistics recovers from losses, posts P231M first-half income
