CHELSEA Logistics and Infrastructure Holdings Corp. said Monday that its attributable net loss narrowed to P218.07 million in the first quarter compared with a net loss of P345.08 million in the same period a year ago.
“This is due to reduced financing costs by P78 million or 22% resulting from the loan restructuring, share in net loss of an associate by P34 million or 26%, and recognition of P320 million other income from a pre-terminated co-loading contract this period,” the company said in a statement to the stock exchange.
The company’s total revenues declined 28.6% to P1.15 billion from P1.61 billion previously. “Squeezed by the surged in freight revenue by P101 million or 20%, from P517 million in 2020 to P618 million in 2021 due to higher volume and average freight rate,” Chelsea Logistics noted.
It said passenger revenue remained low in the first quarter at P71 million, 82.8% lower than the P413 million reported in the same period in 2020.
Cost of sales and services decreased 9.5% to P1.14 billion from P1.26 billion previously.
The company also said the cost reduction was “unparalleled compared to revenue decline of 28% as operating vessels were running at low load factor especially the Ropax ships.”
“The group continues to manage and contain costs, reducing total other operating expenses by P151 million or 48%, from P317 million in 2020 to P166 million in 2021,” it added.
Chelsea Logistics shares closed 1.43% lower at P2.76 apiece on Tuesday. — Arjay L. Balinbin
