Chelsea Logistics books P115-million net income

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EARNINGS of Chelsea Logistics Holdings Corp. (CLC) surged 326% to P115 million during the first quarter, as it saw revenue contributions from two companies it acquired last year.

“The Group was able to grow the profit primarily from its expansion programs and optimization of synergies between the operating entities within the Group. In addition, the Group also recognized equity share in the net income of 2GO Group, Inc. amounting to P11 million,” the listed company said in a regulatory filing.

Revenues increased by 91% to P1.179 billion in the first quarter, from P617 million a year ago. The bulk of revenues came from the freight business which went up 81% to P490 million, with the acquisition of three freighters last November.

CLC consolidated its new subsidiaries, Worklink Services, Inc. and Starlite Ferries, Inc., which were acquired in November 2017.

MV Archer — one of Starlite’s 14 RoPax (roll-on, roll-off passenger) vessels, recently started servicing the Matnog, Sorsogon — Allen, Northern Samar route in the South. As of end March 31, 2018, Starlite saw 33% higher contribution to the Group’s revenue at P241 million,” CLC said in a separate statement Wednesday.

It noted Worklink generated P58 million in revenue as it provides logistics solutions to fastfood chain and dermatological clinics.

CLC’s tankers and tugs subsidiary Chelsea Shipping Corp. grew its revenue 60% to add P522 million to the company’s overall revenue.

Its passenger and cargo subsidiary, Trans-Asia Shipping Lines, contributed P370 million in revenues, up 28% year on year.

“[W]ith the anticipated influx of passengers during the summer season and increase in cargo movements towards the end of the year in preparation for the Christmas holidays, we are confident that we can sustain the growth in revenues and earnings of the Group during the succeeding quarters,” CLC President and Chief Executive Officer Chryss Alfonsus V. Damuy was quoted as saying. — Denise A. Valdez