Chelsea Logistics Holdings Corp. posted an 18% increase in first-quarter revenue to ₱2.091 billion, powered by stronger freight operations and a rebound in passenger travel, the company said in a disclosure.
Freight revenue rose 19% on the back of higher rates, vessel redeployments, and chartered RoRo vessels, while improved asset utilization contributed to topline growth across key segments.
Passenger volumes also recovered, aiding revenue expansion.
Operating profit surged 46% to ₱165 million, driven by efficiency measures and cost management.
While direct costs climbed 15%, fuel costs surged 19% amid increased voyages and volatile prices. Gross profit margin rose to 19% from 17% a year earlier.
Chelsea trimmed its consolidated net loss to ₱41 million, a significant improvement from the ₱148 million loss in the same period last year.
Interest expenses fell 17% to ₱229 million, aided by ongoing loan restructuring, while EBITDA rose 28% to ₱639 million.
Depreciation and amortization costs increased 24% due to higher drydocking expenses and vessel revaluations.
Book value per share dipped slightly to ₱1.97 from ₱1.99 in December 2024, as total equity slipped to ₱4.22 billion.
CEO Chryss Alfonsus Damuy said the company’s growth stemmed from strategic execution and operational discipline.
CFO Darlene Binay emphasized continued commitment to financial prudence and long-term value creation.
Business News Asia