CHELSEA Logistics and Infrastructure Holdings Corp. narrowed its first-quarter (Q1) net loss to P148.17 million from a loss of P324.04 million last year, buoyed by a rebound in maritime and logistics operations.
Gross revenue for the three months to March reached P1.78 billion, climbing by 4.1% from P1.71 billion a year ago, the company’s financial statement showed.
Its Q1 gross expense declined to P1.67 billion, lower by 3.5% from P1.73 billion in 2023.
The company attributed the improvement to the resurgence in the passage, chartering, tugboats, and logistics businesses, as well as the increasing vessel activities.
Gross profit for the first quarter reached P304 million, up by 13.9% from P267 million previously.
Cost of sales and services also went up to P1.47 billion from last year’s P1.44 billion.
“The quarter saw a strategic focus on optimizing the fleet through increased availability of vessels, supporting the recovery in passenger volumes and enhancing service capacity across all segments,” Chelsea Logistics said.
The company said it will continue to invest in digital transformation efforts to help improve its service delivery.
“We are confident in our ability to navigate challenges and capitalize on opportunities in the logistics sector,” Chelsea Logistics Chief Financial Officer Ignacia S. Braga IV said. — Ashley Erika O. Jose
