Chelsea nets P405.7M

Businessman Dennis Uy’s Chelsea Logistics Holdings Corp. saw its profit jump four times higher in the nine months through September 2017, with a big boost coming from its stake in 2GO Group Inc.

Chelsea, which has been actively acquiring logistics companies, said yesterday its net income from January to September hit P405.7 million, up from P102 million “proforma combined earnings” of its subsidiaries in the same period in 2016.

By the same comparison, Chelsea said its revenue in the nine-month period hit P2.29 billion, up 8.8 percent.

It said the increase in the company’s net income reflected some P168.1 million representing its share in the net income of Negros Navigation Co. Inc. and subsidiary 2GO Group, a full-service logistics company, through Uy’s Udenna Investments B.V.

Chelsea’s entry into 2GO was sealed in March 2017 through the acquisition of a 28.15-percent economic interest.

“Our investments in better shipping and logistics continued to yield results and create more value for our investors, business partners and other stakeholders,” Chelsea president and CEO Chryss Alfonsus Damuy said in the filing.

Chelsea said revenue was led by its freight business, which rose 43 percent to P646.43 million. Its passenger sales also rose 10 percent to P339.5 million on better volume. Costs declined 5 percent to P1.48 billion.

The shipping and logistics business of Uy’s Udenna Group started in 2006 to support the operations of the country’s leading independent oil company, Phoenix Petroleum Philippines Inc., also controlled by Uy. —MIGUEL R. CAMUS