CHELSEA LOGISTICS Holdings Corp. (CLC) said its earnings quadrupled in the first nine months of the year, as operations continued to expand.
In a disclosure to the stock exchange, the company owned by Davao-based businessman Dennis A. Uy said its net profit hit P405.7 million for January to September period, 298% higher than the P102-million pro-forma combined earnings of subsidiaries a year ago.
“The increase in the Company’s net income reflects the P168.1 million recognized by the Company as equity shares in the net income of Negros Navigation Co., Inc. and 2GO Group, Inc. through its investments in Udenna Investments B.V.,” the company said.
In March, CLC acquired a 28.15% indirect economic interest in 2GO Group and subsequently took over its management.
For the nine months ending September, CLC’s total revenues rose 9% to P2.3 billion, as increases in freight and passage revenues, as well as tugboat fees helped offset a 4% decline in charter fees.
CLC said freight revenues jumped 43% to P646.4 million, largely from the commercial operations of MV Trans-Asia 12 which started plying the Manila-Cebu route in August last year.
Passage revenues rose 10% to P339.5 million, while tugboat fees climbed 15% P192.7 million.
“As we continue to expand and improve our operations, we hope to sail further in providing better shipping and logistics services to customers; delivering more value to investors and business partners; and contributing bigger to our growing economy,” CLC President and CEO Chryss Alfonsus V. Damuy was quoted as saying in a statement. — P.P.C. Marcelo
