Chelsea H1 profit jumps 93%

Chelsea Logistics Holdings Corp. (CLC) saw profit almost double in the first semester of 2017 after taking a stake in logistics giant 2GO Group Inc. late last year and as freight revenue went up.

CLC, which went public early this month, said net income in January to June hit P399.8 million, up 93 percent from year-ago level.

Revenue in the same period hit P1.54 billion, up 9 percent.
In the second quarter alone, CLC booked a net income of P372.6 million, up 98 percent, buoyed by its share in the net income of Negros Navigation Co., Inc., parent of 2GO. CLC holds a 28.15-percent economic interest in 2GO, which is also partly owned by conglomerate SM Investments Corp.

“The bright prospects of the shipping and logistics industry amid increased trade opportunities within and outside the country alongside our efforts to make our operations more efficient and better keep us on track of our growth trajectory,” CLC chair Dennis Uy said.

Chelsea recently raised about P5.8 billion in an initial public offering, which would be used for acquisitions of related businesses and expansion and upgrade of its fleet and facilities.

“We will continue working hard to grow Chelsea Logistics into the country’s prime mover of vital goods, cargoes and passengers,” CLC president and CEO Chryss Alfonsus V. Damuy said in the same statement. —MIGUEL R. CAMUS