Chelsea Loigists 29% 1H earnings
Chelsea Logistics Holdings Corp. (CLC), the market leader in shipping and logistics industry in the country, generated P2.7 billion revenues for the first half of 2018, bringing its net income to P360 million, 29 percent higher than P278 million reported during the same period in 2017.
CLC’s first half revenues from its shipping activities grew to P2.6 billion, a 67 percent increase from the same period last year. The tankers and tugs business of CLC saw 37 percent growth in revenues contributing P1.2 billion to the top-line, while revenue from the freighter segment grew by 97 percent to P855 million during the first half of the year. The Company’s revenues from passage registered the highest growth at 116 percent, realizing P545 million over the same period.
As part of the continuous re-fleeting program of the company, two new additional cargo freight vessels and one roll-on/roll-off and passenger (RoPax) vessel were launched in July 2018 through Trans-Asia Shipping Lines, Inc. Similarly, the Philippine Competition Commission cleared Starlite Ferries, Inc.’s proposed acquisition of the entire shareholdings of Southwest Gallant Ferries, Inc. (Southwest Gallant) and Southwest Premiere Ferries, Inc. (Southwest Premiere). Southwest Gallant and Southwest Premiere each own one RoPax vessel.
To date, CLC through its wholly-owned subsidiaries has 16 tankers, 14 tugboats, 22 RoPax vessels, 11 cargo ships, and one floating dock, while 2GO Group operates eight RoPax vessels, five cargo ships, and 11 fastcrafts.
On the other hand, the company recorded P128 million revenues from its logistics business, which implies a six percent growth on a pro-forma basis. Currently, the logistics services account for five percent of the company’s consolidated revenues, while the shipping business remains the dominant contributor at 95 percent for the first half of the year.
“To further enhance the contribution of our logistics business units, we recently broke ground on a 2.5- hectare land which will be the site of a warehousing facility at Barangay Tipas, Taguig City. Upon completion, this new facility’s capacity will be approximately seven times bigger than the existing warehousing capacity of CLC through WorkLink Services, Inc.,” said CLC President and CEO Chryss Alfonsus V. Damuy.
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