Davao tycoon Dennis A. Uy’s Chelsea Logistics and Infrastructure Holdings Corporation has tapped former Philippine Airlines President Gilbert F. Santa Maria as the newest member of its board of directors as the firm tries to return to profitability.
In a disclosure to the Philippine Stock Exchange, Chelsea Logistics said Santa Maria has been elected as Independent Director. He was credited for steering the flag carrier through its Chapter 11 bankruptcy process in the US during the Covid pandemic years.
Chelsea Logistics noted that his “extensive expertise in the transportation and logistics industry will provide valuable insights and drive further growth for the Company.”
Prior to joining PAL, Santa Maria was a key leader and contributor in the Philippines’ highly successful BPO industry and was COO of Washington, DC-based BPO company Ibex Global and was COO and CFO of IQ BackOffice, a California-based Finance & Accounting outsourcer that was an investee company of LiveIt Investments, Ayala Corporation’s BPO holding company.
He has a Master’s in Public and Private Management from the Yale University School of Management and a BS in Electrical Engineering from the University of the Philippines in Diliman.
Chelsea Logistics, through its Liability Management Exercise (LME), was able to restructure its loans, securing longer tenors and special lending rates from creditors.
The support from creditors has freed up cash for the Company during its recovery period, which has been used to partly finance the drydocking requirements of its fleet and other operating expenses.
Chelsea President and CEO Chryss Alfonsus V. Damuy noted that the firm’s second quarter net income of P78 million is its first positive quarter since the pandemic. This was driven by revenue growth, optimized operational efficiency, and cost containment measures despite the high finance cost.
To sustain the 58 percent reduction in losses achieved in 2023, the Chelsea Group is committed to continuously manage operational costs and improve efficiency across all segments.
“The Company will increase revenues by expanding services which are responsive to market conditions and focus on profitable routes, and also diversify revenue streams. We will continue to invest in technology as automation and digitalization lead to cost savings and better customer experiences.
“We will explore strategic partnerships for growth and cost-sharing. Finally, we will maintain a stable balance sheet and manage debt levels to ensure liquidity,” said Damuy.