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Chelsea Logistics reduced its losses in the first half of 2024 by 81%
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Net losses after tax reached P81 million from P431 million net loss in the same period in 2023
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Consolidated revenues from January to June 2024 grew 11% to P3.977 billion
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This was driven by the positive performances in all of the group’s business segments, including freight, passage, chartering, tugboats, and logistics
Chelsea Logistics and Infrastructure Holdings Corp. (CLIHC) cut its first-half losses by 81% to P81 million (after tax) from P431 million net loss in the same period in 2023.
Consolidated revenues from January to June 2024 reached P3.977 billion, an 11% growth compared with the P3.577 billion recorded year-on-year, and surpassing the pre-pandemic revenues in 2019 by 14%, CLIHC said in a regulatory disclosure.
The improvement in revenue was driven by the positive performances in all of the group’s business segments, including freight, passage, chartering, tugboats, and logistics.
Revenue from freight amounted to P1.803 billion, slightly up 0.04% from P1.802 billion, while passage revenues climbed 24.2% to P1.176 billion from P946.829 million. Charter fees rose 30.4% to P418.570 million from P321.011 million, while tug boat fees grew 18.9% to P207.47 million from P174.538 million. Revenue from other services likewise went up 5.8% to P264.903 million from P250,41 million.
The group’s consolidated operating profit surged by 171% in the first half to P443 million from P164 million year-on-year. CLIHC said the growth was driven by increased passage volume, tugboat movement, chartered vessels, warehouse utilization, and efficiency measures in operations.
The group reduced other operating expenses by 30% to P430 million from P616 million due to significant reduction in outside services cost in 2024.
CLIHC is the shipping and logistics arm of the Udenna Group of Companies. Its subsidiaries include Chelsea Shipping Corp.; Trans-Asia Shipping Lines, Udenna Investments B. V.; Starlite Ferries, Worklink Services, Inc.; TASLI Services, Inc.; and SuperCat.
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