Chelsea Logistics income up 21% to P139 million in Q1

MANILA, Philippines — Dennis Uy’s Chelsea Logistics Holdings Corp. registered a 21 percent rise in its net income in the first quarter of 2019, driven by higher revenues from its business segments.

In a disclosure to the Philippine Stock Exchange, the Dennis Uy-led firm said net income in the first three months of the year amounted to P139 million, higher than the P115 million posted in the same period last year.

Revenues grew an estimated 36 percent to P1.6 billion from P1.18 billion a year ago.

Bulk of revenues came from the company’s shipping business, which posted a 32 percent increase to P1.5 billion, accounting for 90 percent of the firm’s total revenues.

This is composed of revenues from passage, which increased 36 percent to P296 million, followed by a 35 percent climb in tankers and tugs revenues to P663 million, while freight revenues rose by 28 percent to P522 million during the first quarter of 2019.

“Our biggest vessel – M/T Chelsea Providence — started trading and servicing various ports in the Southeast Asian region beginning November last year,” Chelsea president and CEO Chryss Alfonsus Damuy said.

The company said M/T Chelsea Providence’s operations largely contributed to the 28 percent increase in the company’s chartering revenues compared to the previous year.

Other newly-acquired brand-new, Japan-built roll-on, roll-off passenger (RoPax) vessels, namely: M/V Stella del Mar, M/V Salve Regina and M/V Trans-Asia 19 have also commenced operations and contributed to the company’s first quarter results in 2019.

Adding to its existing nine brand-new RoPax vessels, Chelsea took delivery last month of another Japan-built RoPax ferry with the same size and design.