Chelsea Logistics and Infrastructure Holdings Corp. (CLIHC), led by Davao-based businessman Dennis A. Uy, staged a financial comeback in the first nine months of the year, posting a P155 million net income after last year’s loss.
In a report on Tuesday, the company said consolidated revenues rose 15 percent to P6.876 billion, while quarterly revenues grew 10 percent to P2.211 billion.
Chelsea Logistics CFO Darlene S. Agus-Binay said the company’s disciplined cost management and strategic asset use drove its financial turnaround.
The growth was also driven by freight, chartering, logistics, and food and beverage operations, reflecting a sustained recovery in cargo and passenger volumes, B2B logistics expansion, and increased vessel deployment.
Operational challenges such as extended drydocking continued to affect vessel availability, though CLIHC said these were “effectively managed.”
“By maintaining stable operating expenses and executing a successful loan restructuring that lowered finance costs, we’ve fundamentally strengthened our bottom line,” Agus-Binay said.
Gross profit jumped 38 percent to P1.601 billion, pushing margins up to 23 percent from 19 percent.
Operating profit climbed 64 percent to P814 million, while EBITDA rose 36 percent to P2.248 billion. Earnings per share improved to P0.072 from a P0.159 loss last year.
Total direct costs increased 9 percent, lagging revenue growth due to strong cost discipline.
Bunkering costs rose 8 percent amid higher trip volumes and fuel price volatility, while depreciation and amortization grew 20 percent following drydocking and vessel revaluation. Finance costs fell 15 percent after a successful loan restructuring.
“This period’s performance reflects the resilience and agility of our organization. Supported by our dedicated employees, we’ve not only rebounded from last year’s challenges but have laid a stronger foundation for sustainable growth,” Chelsea Logistics President & CEO Chryss Alfonsus V. Damuy said.