Chelsea sees performance ‘significantly better’ than 2 years ago

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CHELSEA Logistics and Infrastructure Holdings Corp. said that while its performance is “significantly better” now than it was two years ago, it has yet to fully recover from the impact of the pandemic crisis.

The company is “still catching up as [it is] not fully recovered, but far better than two years ago,” Chelsea President and Chief Executive Officer Chryss Alfonsus V. Damuy said in a phone message to BusinessWorld on Wednesday.

Asked if the company is eyeing to submit a new port development project proposal to the government, he said: “We will check opportunities in the succeeding years.”

“For now, we focus on our main operating core in shipping and logistics, which we see shows significant improvement compared to the last two years,” he added.

The company has withdrawn its unsolicited proposal to modernize Davao City’s Sasa Port.

Chelsea 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, the company’s 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.

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

Chelsea Logistics shares closed 2.68% higher at P1.15 apiece on Wednesday. — Arjay L. Balinbin