CHELSEA Logistics and Infrastructure Holdings Corp. remained in the red in the first quarter, with the wider losses attributed to higher vessel financing and foreign exchange volatility.
The company on Monday reported that its net loss had risen to P170.511 million, nearly four times the P40.644 million loss incurred a year earlier.
Still, Chelsea Logistics said consolidated revenues had risen to P2.258 billion from P2.100 billion, driven by robust performances across its freight, tugboats and logistics segments.
To mitigate the impact of the global oil crisis, the company said that it had lined up proactive strategies to offset soaring diesel prices.
Chelsea President and CEO Chryss Alfonsus Damuy, in a statement, said that via bunker adjustment factors, rate adjustments regulated by the Maritime Industry Authority (Marina) and aggressive route optimization, “we are shielding operations from market volatility to ensure services remain fuel-efficient and commercially viable.”
Chelsea Logistics is the listed shipping and logistics arm of Udenna Corp., the holding firm of Davao businessman Dennis Uy.
Udenna owns a 72.5-percent controlling stake in Chelsea, said to be the biggest shipping and logistics company in the Philippines.
The company operates through wholly owned subsidiaries Chelsea Shipping Corp., Trans-Asia Shipping Lines Inc., Starlite Ferries Inc., Tasli Services Inc., The SuperCat Fast Ferry Corp., and Worklink Services Inc.
Chelsea Logistics shares on Monday closed unchanged at P0.85 per share. ED PAOLO SALTING
