Smooth sailing for Chelsea Logistics as profit nearly doubles
Chelsea Logistics Holdings Corp. said its first half profit soared 93 percent to P399.8 million as it benefited from an expanding fleet and generated additional earnings from 2Go Group Inc.
Revenues rose nine percent to P1.54 billion, driven by higher freight revenues primarily due to the commercial operations of MV Trans-Asia 12, which plies the Manila- Cebu route, and increase in tugboat fees owing to more port calls.
In the second quarter, CLC saw its net income surge 98 percent to P372.6 million, largely due to the company’s share in the net income of Negros Navigation Co. and 2GO Group.
“We are delighted to report the strong performance of our businesses to our investors and partners who continue to guide us through our growth path,” said CLC chairman Dennis A. Uy.
“The bright prospects of the shipping and logistics industry amid increased trade opportunities within and outside the country alongside our efforts to make our operations more efficient and better keep us on track of our growth trajectory,” Uy added.