Chelsea Logistics narrows year-to-date losses in Q3

The holding firm for Davao-based tycoon Dennis Uy’s businesses narrowed its losses in the third quarter, as the company imposed rationalization measures during the period.

In a regulatory filing, Chelsea Logistics and Infrastructure Holdings Corp. said the group reported P403 million in operating losses to reflect a 60% improvement from the previous year.

The company’s top line jumped 52% to P1.142 billion during the quarter bringing the year-to-date revenues to P3.272 billion, down 2%. The year-to-date net loss was P2.203 billion or 15% narrower, while EBITDA grew to P804 million.

“Chelsea Group’s third-quarter performance highlights the continuing recovery story for the industry as well as the Group with out freight business leading the way,” said Chelsea Logistics president and chief executive officer Chryss Alfonsus Damuy.

The freight business recorded a 27% increase in the third quarter to P794 million, equivalent to 1.5 times the same quarter in 2020. Year-to-date freight revenues were 62% of the total group revenues.

“Notwithstanding continuing fears from the spread of the COVID-19 Delta variant with a second peak in the number of active cases in September, we are confident that the economy is poised to gradually recover in the last quarter of the year as the government accelerates it vaccination program which will bring about herd immunity for the population,” said Damuy.

“We have already seen a continued drop in the number of active cases with substantially lower positivity rates,” he added.

Chelsea Logistics’ core businesses are divided into tinkering, passage, freight, tugboat services, and logistics services.

Among its subsidiaries are Chelsea Shipping Corp., Trans-Asia Shipping Lines Incorporated, Worklink Services Inc., Starlite Ferries Inc., The Supercat Fast Ferry Corp., and Tasli Services Inc. — VBL, GMA News