Chelsea income declines 24% in 2nd quarter

Font Size

CHELSEA Logistics and Infrastructure Holdings Corp. posted a 24% decline in earnings in the second quarter due to losses in its shares in 2GO Group, Inc.

The listed Dennis A. Uy-led firm reported a net profit of P186.5 million in the April to June period, lower than the P245.6 million in the same period last year.

Revenues increased by 24% to P1.9 billion, outpacing the 42% rise in cost of sales and services to P1.3 billion.

Chelsea’s share in associates dropped 26% to P33.4 million, dragged by the weaker profit of 2GO during the period.

In the six months to June, Chelsea’s net profit stood at P308.4 million, a 15% drop from a year ago.

Consolidated revenues went up 28% to P3.5 billion, as its shipping business generated P3.3 billion in revenues, up 26% from a year ago. Revenues from its logistics business also grew by 75% to P223 million.

“[W]e are optimistic that these numbers will only improve — first with the turnaround in the 2GO net income…and second, the Group’s expansion programs,” Chelsea President and Chief Executive Officer Chryss Alfonsus V. Damuy said in a statement.

He noted the company’s acquisition of new vessels is expected to improve operations and raise earnings moving forward. Chelsea is also building a 2.5-hectare warehouse in Taguig City which will be operational next year. — Denise A. Valdez