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Chelsea Logistics and Infrastructure Holdings slashed its net loss by 71% to P301 million in the first nine months of the year from P1.037 billion year-on-year
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Consolidated revenues grew 12% to P5.992 billion, fueled by positive trends in passage, passage-related sale of goods, and chartering business revenues
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EBITDA grew 51% to P1.658 billion driven by reduced finance costs due to ongoing debt restructuring efforts
Chelsea Logistics and Infrastructure Holdings Corp. (CLC) slashed its net loss by 71% to P301 million in the first nine months of 2024 from P1.037 billion in the same period last year.
Consolidated revenues from January to September reached P5.992 billion, up 12% year-on-year, CLC said in a statement.
The group said the growth was driven by positive trends across all segments, including in passage revenues that rose by 20%, passage-related sale of goods that increased by 32%, and the chartering business revenue that grew by 37%.
CLC noted that its latest performance has surpassed 2019 pre-pandemic revenues for the same period by 16%.
Operating profit surged to P495 million from P43 million in 2023, a significant 10.6 times increase mainly due to strong sales and effective cost management, despite higher fixed
costs.
The group’s consolidated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the first nine months of the year rose by 51% to P1.658 billion. CLC said the significant improvement was driven by reduced finance costs due to ongoing debt restructuring efforts.
“This growth underscores our commitment to fleet availability, customer experience, operational excellence, and advanced technology,” CLC president and chief executive officer Chryss Alfonsus Damuy said.
“We are certain that we are in a strong position to take advantage of new opportunities
and promote long-term growth as the shipping and logistics sectors grow,” Damuy added.
CLC 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.