Chelsea Q1 net loss widened to P 415.64M on surge in expenses

Chelsea Logistics and Infrastructure Holdings Corp. saw its first quarter net loss widen to P415.64 million from P218.07 million year-on-year despite its passenger and freight businesses registering robust growth.

The listed company reported that its revenues surged by 13 percent to P1.3 billion as of end-March from P1.15 billion year-on-year.

Its freight revenues rose 23 percent to P762 million for the period while the passenger segment booked 124-percent growth in topline figures to P160 million because of the easing of travel protocols.

However, net other income and expenses—which included finance costs and income, share in net loss of associates and other income—surged to P332.17 million for the period, which was more than five times higher year-on-year, dragging the company’s bottom line.

Finance costs were up 22 percent to P333 million because of “finance lease take-up of MV Trans-Asia 21.” Other income, meanwhile, fell 99 percent to just P3.41 million in the first quarter from P311.12 million in the same period last year.Turned a corner

Despite this, Chryss Alfonsus Damuy, president and CEO of Chelsea, said he believed the company had “truly turned a corner” with the strong year-on-year growth in the passenger segment.

‘Cautiously optimistic’

“We remain cautiously optimistic as we try to maintain our cost structure despite significant increases in our fuel costs,” he said.Payment options

In a separate statement, Chelsea announced that three of its shipping lines now allow contactless payment options through GCash, ShopeePay and Maya. These include SuperCat Fast Ferry Corp., Starlite Ferries Inc. and Trans-Asia Shipping Lines.

“During the height of the pandemic, the need for cashless payments became a necessity to follow safety protocols,” Trans-Asia general manager Sheila Sy said, noting that digital payments could also provide payment flexibility and boost sales.

Starlite Ferries general manager Shane Arante, meanwhile, said that Chelsea intends to “further expand its digital footprint and explore new systems that will give our customers seamless and hassle-free booking experiences.” INQ