Chelsea losses shrink as business segments’ revenues grow

CHELSEA Logistics Infrastructure Holdings Corp. managed to trim its attributable net loss for the second quarter of the year to P587.63 million from P727.09 million previously, as revenues improved amid increased economic activities.

Total revenues for the second quarter climbed 65.3% to P1.61 billion from P975.96 million previously, Chelsea Logistics’ second-quarter financial performance results showed.

“All business segments reported positive revenue growth during the quarter, particularly the passage segment,” the company said.

For the first half, the company’s attributable net loss was reduced to P1 billion from a loss of P1.07 billion in the same period a year ago.

Revenues for the first six months improved 36.6% to P2.91 billion from P2.13 billion previously.

“We are very encouraged by our Q22022 (second-quarter 2022) results with substantial improvements in revenues, especially for the passage segment,” Chelsea President and Chief Executive Officer Chryss Alfonsus V. Damuy said.

“Despite increases in our costs, the strong growth in our revenues was able to narrow our losses on a year-to-date basis,” he added.

Chelsea and its three shipping lines, Starlite Ferries, SuperCat, and Trans-Asia, recently launched Chelsea Travel, a unified online booking system for passengers.

The application will “further accelerate the recovery of our passage business,” Mr. Damuy said.

The group also plans to launch a loyalty application to provide freebies and rewards.

Chelsea Logistics shares closed 0.85% higher at P1.18 apiece on Monday. — Arjay L. Balinbin