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Chelsea Logistics and Infrastructure Holdings, Inc. has reduced its losses in the first quarter of 2024 by 54% to P148 million from P324 million in the same quarter last year
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Consolidated revenues increased by 4% due to growth in the group’s passage, chartering, tugboats and logistics segments performance
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Freight revenues, however, dropped 5.2% to P836.763 million
Chelsea Logistics and Infrastructure Holdings, Inc. (CLIHC) has reduced its losses in the first quarter of 2024 by 54% to P148 million from P324 million in the same quarter last year.
Consolidated revenues for January to March 2024 amounted to P1.779 billion, a 4% increase from the P1.708 billion recorded in the same period last year.
The improvement reflected the accelerating growth of the group’s passage, chartering, tugboats and logistics segments performance with the continuing recovery of passenger volume, tugboat movement and charter, business-to-business logistics segment, and the increasing number of vessels in trade, CLIHC said in a regulatory disclosure.
Vessel availability issues, however, remained due to extended drydocking.
“Our performance in the first quarter of 2024 is a testament to our strategic focus on growth and efficiency. We remain committed to delivering value to our stakeholders and are optimistic about sustaining this momentum throughout the year,” CLIHC president and chief executive officer Chryss Alfonsus Damuy said.
Revenues from the passage segment grew 19% year-on-year to P484.286 million, charter fees up 15.2% to P186.989 million, and tug fees 9.5% higher with P93.982 million. Freight revenues, on the other hand, dropped 5.2% to P836.763 million.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 41% to P498 million. CLIHC also reduced operating expenses by 33%, resulting to an operating profit of P113 million, a significant turnaround from a P25 million loss in the first quarter of 2023, thanks to increased revenues and reduced operating expenses.
The quarter saw a strategic focus on optimizing the fleet through increased availability of vessels, supporting the recovery in passenger volumes and enhancing service capacity across all segments, CLIHC said in a statement.
The group said it also continues to invest in digital transformation initiatives to improve service delivery and customer experience, ensuring competitive advantage and operational resilience.
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.
