Chelsea Group pares down losses

As shipping demand and traffic surged after the pandemic, Chelsea Logistics and Infrastructure Holdings Corp. pared down its losses by 57 percent from P1 billion to P431 million in the first half of 2023.

They also keep on improving the four areas of their business, from Fleet Availability, Customer Experience, Operational Excellence to Technology Advancements. This resulted in a substantial growth in gross profits as well as moving into positive territory with an operating profit of P164 million for the first half of the year. Revenues for the second quarter were up 10 percent year-on-year and nine percent quarter-on-quarter to ₱1.869 billion, the highest quarterly revenue posted since the March 2020 lockdown.

The passage segment continued to post strong revenue growth in second quarter 2023, increasing by 51 percent and 33 percent on a year-on-year and quarter-on-quarter base, respectively, to ₱540 Million. For the first half of the year, the revenues of the freight segment grew by eight percent to ₱1.802 billion.

Mainly due to lower finance Costs, Chelsea brought down the second quarter 2023 net losses by 83 percent year-on-year to ₱106 Million, the lowest figure since first quarter 2019.

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