Higher revenues boost Chelsea Logistics’ first-half profit

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Chelsea Logistics Holdings Corp. (CLC) booked higher earnings in the first half of this year driven by a surge in revenues.

In a disclosure to the stock exchange, CLC’s net income grew to P360 million, 29% higher than the P278 million reported during the same period in 2017.

The listed company said its earnings were boosted by its accumulated revenue for the January to June period, which reached P2.7 billion. A bulk of those revenues came from its shipping activities, which rose 67% to P2.6 billion compared to the same period last year.

CLC added: “The tankers and tugs business of CLC saw 37% growth in revenues contributing P1.2 billion to the top-line, while revenue from the freighter segment grew by 97% to P855 million during the first half of the year. The Company’s revenues from passage registered the highest growth at 116%, realizing P545 million over the same period.” — Denise A. Valdez