CHELSEA Logistics and Infrastructure Holdings Corp.’s attributable net loss for the first quarter of 2022 widened to P415.64 million from a loss of P218.07 million in the same period a year ago.

The company reported improved revenues with its topline increasing 13% during the period to around P1.30 billion from P1.15 billion previously.

However, the company’s total expenses reached P1.38 billion, a 5% increase from the P1.31 billion reported for the same period last year.

“The freight segment maintained its steady growth with its revenues growing 23% year on year to P762 million. On the other hand, the passage segment reported a strong year-on-year recovery with passage revenues up 124% to P160 million with the easing of travel protocols, leading to a robust increase in passenger volumes,” Chelsea Logistics said in a statement.

Chelsea President and Chief Executive Officer Chryss Alfonsus V. Damuy said that the company believes it has “truly turned a corner in [its] operations with the strong year-on-year growth in [its] passenger segment.”

“The strong 8.3% GDP (gross domestic product) growth rate in 1Q2022 (first quarter of 2022) supports our assertion. We remain cautiously optimistic as we try to maintain our cost structure despite significant increases in our fuel costs,” he added.

The company said the cost of sales and services increased 7% year on year to P1.22 billion.

“This was slower than revenue growth leading to improved margins. Other operating expenses were essentially flat year on year at P165 million.”

At the same time, it said that finance costs were 22% higher from the same period in 2021 to P333 million “due to the finance lease take-up of MV Trans-Asia 21, delivered to the Group last May 2021.”

“Adjusted EBITDA (or earnings before interest, taxes, depreciation, and amortization) was down by 58% to P231 million from P555 million from the same period last year due to the one-off gain from the contract termination in 1Q2021. Without the one-time gain last year, EBITDA would have actually been lower by just 5% year on year,” the company also said.

Chelsea Logistics shares closed 6.67% higher at P1.60 apiece on Monday. — Arjay L. Balinbin