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Chelsea’s losses hit P1.3 billion after global health crisis’ impact

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LOSSES of Chelsea Logistics and Infrastructure Holdings Corp. for the third quarter widened to P1.32 billion due to the adverse effects of the global health crisis on its operations.

The company reported an attributable net loss of P288.41 million for the same period a year ago.

In a disclosure to the stock exchange on Tuesday, Chelsea Logistics said its revenues for the third quarter totaled P752.54 million, down 54.7% from P1.66 billion it generated in the same period in 2019.

The company’s total expenses for the period increased 35.4% to P1.52 billion.

Its non-operating income also grew 44.7% to P109.77 million while non-operating expenses dropped 34.3% to P633.82 million.

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These brought the company’s nine-month revenues to P3.32 billion, 35.5% lower than last year’s figure.

The company swung to an attributable net loss of P2.60 billion for the nine months through September, a reversal from the attributable net income of P19.95 million posted last year.

On Monday, Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy  said that “despite the disappointing results in the third quarter, the company continues to prepare the group for a prospective recovery it sees by the second half of 2021.”

Chelsea Logistics also said it continues to work on “stemming the losses and improving its financial health.”

Chelsea Logistics shares closed 7.47% higher at P5.90 apiece on Tuesday. — Arjay L. Balinbin

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