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Chelsea Logistics and Infrastructure Holdings Corp. posted a net profit of P7 million in the first semester of 2026, down 97% from P231 million in the same period last year due to higher costs
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Revenues expanded 12% to P5.220 billion primarily anchored by volume and rate growth across key operational segments
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Cost of sales and services outpaced revenue growth, rising 16% to P4.063 billion, due to a 33% surge in bunkering costs
Chelsea Logistics and Infrastructure Holdings Corp. (CLC) posted a net profit of P7 million in the first semester of 2026, down 97% from P231 million in the same period last year due to higher costs.
Revenues from January to June 2026 expanded 12% to P5.220 billion from P4.665 billion in the same period in 2025, primarily anchored by volume and rate growth across key operational segments, CLC said in a regulatory disclosure.
Freight revenues were up 22% year-on-year to P2.564 billion, supported by enhanced shore-based service, while tugboat fees increased 32% to P222.284 million driven by improved fleet readiness and new charter contract. Logistics revenue grew 14% following strategic service expansions and ongoing digital investments.
Despite revenue growth and a 7% reduction in other operating expenses, CLC said its net profit declined, primarily driven by gross margin compression.
Cost of sales and services outpaced revenue growth, rising 16% to P4.063 billion, due to a 33% surge in bunkering costs.
Consequently, gross profit slid to P1.157 billion, reducing gross margin from 25% to 22%.
Additionally, finance costs expanded by 65% to P721 million because of discount amortization on restructured loans and increased lease obligations from vessel additions. The expansion in lease liabilities further amplified foreign currency exposure, resulting in P135 million in unrealized forex losses.
READ: Chelsea Logistics sustains profit for 2nd year on core business
CLC said operational discipline provided a partial offset. Through ongoing efficiency initiatives, management reduced other operating expenses by 7% to P487 million.
“Strict cost discipline enabled the Chelsea Group to enhance operational efficiency despite headwinds from high fuel costs, debt servicing, and foreign exchange volatility,” CLC chief finance officer Darlene Binay said in a separate statement.
For his part, CLC president and chief executive officer Chryss Alfonsus Damuy attributed the first half performance to the operational agility and strategic foresight.
“Looking ahead, we will build on this momentum to unlock new growth opportunities, maximize shareholder value, and stay at the forefront of powering the nation’s trade and connectivity,” Damuy said.
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.
