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Manila Bulletin devider Business devider The Stock Market devider Debt restructuring helps Chelsea Logistics cut losses

Debt restructuring helps Chelsea Logistics cut losses

Published Nov 15, 2024 04:51 am

Chelsea Logistics and Infrastructure Holdings Corp. narrowed its net loss by 71 percent in the first nine months of the year to P301 million from the P1.04 billion registered in the same period last year, largely due to its ongoing debt restructuring efforts.

However, consolidated revenues rose by 12 percent to P5.99 billion from the P5.35 billion reported in the same period last year, driven by positive trends across all segments.

Passage revenues rose by 20 percent, while passage-related sale of goods and chartered business increased by 32 percent and 37 percent, respectively.

Earnings before interest, tax, depreciation, and amortization (EBITDA) were higher by 51 percent to P1.66 billion from P1.1 billion year-on-year.

Meanwhile, operating income surged by ten folds to P495 million from only P43 million reported in the same period last year on the back of strong sales and effective cost management, which offset higher fixed costs.

Other consolidated operating expenses decreased by 35 percent to P666 million from P1.03 billion year-on-year as a result of an ongoing implementation of cost control measures and operational efficiencies.

Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus Damuy said that the company was pleased with the company teams’ hard work in achieving its financial performance during the period.

“This growth underscores our commitment to fleet availability, customer experience, operational excellence, and advanced technology. We are certain that we are in a strong position to take advantage of new opportunities and promote long-term growth as the shipping and logistics sectors grow,” he said.

Meanwhile, Chelsea Logistics Chief Finance Officer Darlene Binay thanked the company’s creditors, suppliers, and other stakeholders.

“Without their consideration and understanding, we could not have achieved these notable improvements in our financial performance. We are gradually witnessing the group’s financial revival and are optimistic that as we continue to work together we will achieve even more success,” she added.

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