CHELSEA LOGISTICS and Infrastructure Holdings Corp. posted an attributable net loss of P345.08 million for the first quarter, a reversal of the P138.71-million profit it recorded in the same period last year.

“The first quarter heralds the start of the traditional peak season but the Group’s financial performance was severely impacted, first by the Taal Volcano eruption and then by the enhanced community quarantine (ECQ) driven by the global COVID-19 pandemic,” the group said in a statement on Tuesday.

In a regulatory filing, the group posted a gross revenue of P1.61 billion in the first quarter, a slight growth of 0.89% from P1.60 billion it reported in the same period last year.

Chelsea Logistics’ shipping business saw an improvement of 2% to P1.51 billion. Revenues from the group’s passage business soared by 39% to P413 million.

“[This] is mainly due to the recent consolidation of The Supercat Fast Ferry Corporation, serving new routes and more passengers,” the group said.

Moreover, tugboat operations contributed P86 million to the group’s revenues, 6% higher than the previous year’s P82 million.

However, revenues of the logistics segment of the group’s business declined by 10% to 106 million “due to the restricted movement of goods caused by the Taal Volcano eruption and then by the government-imposed ECQ.”

First quarter’s operating profit also declined by 90% to P40 million, which the group attributed to its “limited operations due to the ECQ implemented in mid-March which is historically the start of the shipping industry’s peak season.”

Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy was quoted as saying: “We are certain that our capital investments will bear fruit going forward. In the pipeline we have investments which are expected to generate significant cashflows: there are two vessels to be delivered this year, our 2.5-hectare logistics warehouse will be completed by the first quarter of next year and will boost capacity.”

“We will also be soon seeing infrastructure seaport and airport modernization projects in Davao that will make meaningful contributions in the future and generate additional revenue streams. All these are vital to the Philippine economy and will remain necessary for a long time,” he added.

Mr. Damuy also acknowledged that the challenges brought about by the coronavirus pandemic will not disappear overnight and may persist into the second quarter.

“We do remain confident that with our strategic plans to combat the crisis, and with our existing resources, capacity, fixed assets and strong market share, the Chelsea Group will spring back to recovery and move faster towards the new normal,” he said.

On Tuesday, shares in Chelsea Logistics went down 5.08% to close at P3.92 apiece. — Arjay L. Balinbin

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