Chelsea Logistics Reports Three-fold Jump in Q1 Profit

Chelsea Logistics Holdings Corp. (CLC) reported that its net income for the first quarter of 2018 reached P115 million, an increase by 326% from the P27 million it earned in the same period last year.

Its revenue also grew by 91.30% at P1.179 billion, from P616 million in the same period the previous year.

In a regulatory filing, the shipping company said its acquisition of Worklink Services, Inc. and Starlite Ferries, Inc. in November 2017 propelled its profitability.

“MV Archer – one of Starlite’s 14 RoPax (roll-on, roll-off passenger) vessels, recently started servicing the Matnog, Sorsogon – Allen, Northern Samar route in the South. As of end March 31, 2018, Starlite saw 33% higher contribution to the Group’s revenue at P241 million,” CLC said in a statement on Wednesday, May 9.

It added that Worklink has been providing logistics solutions to known dermatological clinics, generating P58 million revenue.

CLC’s tankers and tugs subsidiary, Chelsea Shipping Corp., added P522 million to the company’s overall revenue with its 60% increase on the first three months of 2018. It currently has 12 tankers and 4 barges.

It’s passenger and cargo subsidiary, Trans-Asia Shipping Lines, meanwhile contributed P370 million in revenue, up by 28% than in 2017, with its fleet of eight roll-on, roll-off passenger vehicles and seven cargo vessels.

“[W]ith the anticipated influx of passengers during the summer season and increase in cargo movements towards the end of the year in preparation for the Christmas holidays, we are confident that we can sustain the growth in revenues and earnings of the Group during the succeeding quarters,” CLC President and Chief Executive Officer Chryss Alfonsus V. Damuy was quoted as saying.

Source: https://www.bworldonline.com/chelsea-logistics-reports-three-fold-jump-in-q1-profit/

Author: Denise Valdez (Business World)
Published Date: May 9, 2018