Chelsea Logistics sees pockets of recovery in its operations
The Chelsea Group reported a continuing recovery in its operations on the back of strong performances of its Freight and Logistics businesses. For the year, the Group was able to cut the operating losses by 17% to P2.001 billion with Freight and Logistics segments growing by 30% and 41%, respectively.
The Group however reported a net loss of P3.905 billion, an 18% increase year-on-year, due to nonrecurring items which include the sales of assets below book value. Excluding these one-time items, Chelsea Group’s net loss would have actually improved by 18% year-on-year from P5.157 billion in 2020 to P4.253 billion in 2021. On the other hand, adjusted EBITDA reversed to negative P31 million versus P205 million in the previous year.
