DENNIS A. UY’S Chelsea Logistics and Infrastructure Holdings Corp. narrowed its 2023 net loss to P1.14 billion, improving from a P2.53 billion loss in the prior year.
“Our 2023 results reflect our unwavering commitment to delivering value to our stakeholders through strategic investments and operational excellence,” Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy told the stock exchange on Wednesday.
According to the company’s annual report, Chelsea Logistics’ gross revenue reached P7.05 billion, up by 9.6% from P6.43 billion in 2022.
“As we continue to navigate a dynamic business environment, our focus remains on sustainable growth and innovation to meet the evolving needs of our customers,” Mr. Damuy said.
The company said its passage and freight segments continued to post an increase in revenues by 50% and 3%, respectively.
It said its cost of sales and services decreased to P5.6 billion, declining by 0.71% from P5.64 billion in 2022.
“These improvements in revenues were in part driven by the increase in average rates to cover the rising fuel prices in the early part of the year,” Chelsea Logistics said.
The company also said it benefited from the lifting of COVID-19 (coronavirus disease) restrictions, which allowed the company to carry more passengers.
“The continued financial progress we have made this year is a testament to our team’s dedication and strategic focus. We are optimistic about the future as we continue to strengthen our financial position and pursue opportunities for growth,” it said.
Further, the company will continue its re-fleeting and vessel modernization efforts, the company said, adding that it is planning to acquire new and optimally-sized tankers and roll-on/roll-off passenger (RoPax) vessels while also exploring new routes.
“The Company capitalizes on first-mover advantage by expanding into areas in the Philippines which show superior growth,” Chelsea Logistics said. — Ashley Erika O. Jose
