Chelsea Logistics quadruples income

By James A. Loyola

Chelsea Logistics Holdings Corporation (CLC) of Davao tycoon Dennis A. Uy more than quadrupled its profits in the first quarter of 2018 to P115 million from the P27 million earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said the 326 percent surge in earnings came of the back of its P1.2 billion revenues during the period under review.

Chelsea Shipping Corporation, the tankers and tugs business subsidiary of CLC, saw a 60 percent growth in revenues contributing P522 million to the top-line for the first quarter of the year.

On the other hand, Trans-Asia Shipping Lines, Incorporated, the CLC subsidiary handling passenger and cargo operations in Cebu, generated P370 million revenues, 28 percent higher than first quarter of 2017.

Subsidiary Starlite Ferries, Inc. saw a 33 percent higher contribution to the Group’s revenue at P241 million.

On the logistics side, in addition to its existing fast-food chain customer base, WorkLink Services, Inc. is now providing customized logistics solutions to a number of recognized local dermatological clinics. During the first quarter, WorkLink reported P58 million in revenues.

“We are pleased with the Group’s performance as of the first quarter of 2018,” said CLC President Chryss Alfonsus V. Damuy.

He added that, “with the anticipated influx of passengers during the summer season and increase in cargo movements towards the end of the year in preparation for the Christmas holidays, we are confident that we can sustain the growth in revenues and earnings of the Group during the succeeding quarters.”