CHELSEA Logistics and Infrastructure Holdings Corp. recorded an attributable net income of P67.54 million for the second quarter, turning around from a net loss of P106.83 million previously, driven by higher revenues for the period.
“The strong results and sequential and year-on-year improvements in the second quarter of 2024 demonstrate our commitment to executing our strategic priorities,” Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy told the stock exchange on Wednesday.
For the second quarter, the company reported gross revenue of P2.2 billion, climbing by 17.6% from P1.87 billion in the same period last year.
Chelsea Logistics registered gross expenses of P1.87 billion for the April-to-June period, higher by 11.3% from P1.68 billion a year ago.
For the first half of the year, the company narrowed its attributable net loss to P80.63 million from P430.87 million in the same period last year.
Year to date, Chelsea Logistics generated gross revenue of P3.98 billion, expanding by 11.2% from P3.58 billion in the first half of 2023.
Chelsea Logistics attributed its higher revenues to robust growth in its passage, chartering, tugboats, and logistics segments.
“The passage segment benefited from increased passenger volume, while the Tugboats and Chartering segments saw higher utilization rates,” Chelsea Logistics said.
The company said that its logistics segment continued to recover, driven by growing demand for door-to-door services, especially in air and land freight segments.
In 2023, the company trimmed its net loss to P1.14 billion, improving from a P2.53-billion loss in the prior year.
In its annual report, Chelsea Logistics’ gross revenue reached P7.05 billion, up by 9.6% from P6.43 billion in 2022. — Ashley Erika O. Jose
