Chelsea Logistics slashed net loss in Q3

Chelsea Logistics and Infrastructure Holdings Corp. slashed its net loss in the first three quarters by 71 percent, owing to increasing trading activities that drive demand for shipping.

In a disclosure on Friday, the listed company led by Davao-based Dennis Uy reported that its nine-month net loss dropped to P301 million from P1.04 billion in the same period last year.

This was supported by its total revenues growing by 12 percent to nearly P6 billion for the period.

READ: Dennis Uy shipping firm sees savings due to tax incentives

“We are gradually witnessing the group’s financial revival and are optimistic that as we continue to work together, we will achieve even more success,” Chelsea Logistics chief financial officer Darlene Binay said.

Operating profit increased exponentially to P495 million in January to September from just P43 million in the same period a year ago.

Operating expenses, meanwhile, slid by 35 percent to P666 million for the period.

“We are certain that we are in a strong position to take advantage of new opportunities and promote long-term growth as the shipping and logistics sectors grow,” Chelsea Logistics president and CEO Chryss Alfonsus Damuy added.

According to the Philippine Ports Authority (PPA), total shipments across the country grew by 7 percent to 218.28 million metric tons (MT) in January to September from 203.51 million MT in the same period a year ago.

Passenger traffic for the period, meanwhile, rose by 10 percent to 60.47 million from 54.83 million a year ago. Roll on/roll off (Ro-Ro) traffic increased by 8 percent to 8.61 million for the period from 7.98 million last year.

Amid busier trading activities, the PPA is developing a master plan to establish 10 seaports across the country to improve connectivity and streamline the supply chain.

These terminals are located in Davila, Pasuquin, Ilocos Norte; Puerto Galera, Oriental Mindoro; Taytay, Palawan; Buenavista, Guimaras; San Carlos, Negros Occidental; Dumaguete, Negros Oriental; Lazi, Siquijor; Catbalogan, Samar; Zamboanga, Zamboanga del Sur; and Cagdianao, Dinagat Islands.