Chelsea 1st quarter income rises 21%

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EARNINGS of Chelsea Logistics and Infrastructure Holdings Corp. jumped by 21% in the first three months of the year, driven by robust revenues from its logistics business.

The Dennis A. Uy-led company said in a statement Friday its net income stood at P139 million in the first quarter, as revenues rose 33% to P1.6 billion.

The bulk or 90% of revenues came from the shipping segment which saw a 32% increase to P1.5 billion.

The logistics segment also contributed P118 million, more than double the P58 million it posted last year.

“We are thrilled with the remarkable partial results of our logistics expansion program in terms of top and bottomline, and this is just the beginning. We are continuously expanding and optimizing our logistics assets and seizing opportunities to extend our reach,” Chelsea President and Chief Executive Officer Chryss Alfonsus V. Damuy was quoted as saying.

The company said its shipping revenues were boosted by a 36% rise in passage revenues to P296 million, a 35% increase in tankers and tugs revenues to P663 million, and a 28% growth in freight revenues to P522 million.

Costs and services grew 33%, operating expenses increased 21% and other charges up 128% due to the new vessels acquired by the company, namely the M/V Stella del Mar, M/V Salve Regina and M/V Trans-Asia which were all operating in the January to March period. — Denise A. Valdez