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MANILA, Philippines – Chelsea Logistics, led by Davao-based businessman Dennis Uy, returned to profitability last year after booking record-high revenues due to busier shipping operations. In a disclosure on Tuesday, the listed company reported its net income reached P177 million last year, a reversal from the P1.14-billion net loss in 2023.
The bottom line was lifted by its total revenues, which rose by 14 percent to P8.01 billion last year. The shipping company said its passage and freight revenues grew by 20 percent and 9 percent, respectively, driving the company’s recovery for the year.
As Chelsea continues to implement cost management strategies, the company saw its operating profit reach P431 million last year, a turnaround from a P44-million loss in 2023. Consolidated earnings before interest, tax, depreciation and amortization, meanwhile, rose by 35 percent to P2.07 billion.
“As we continue to navigate a dynamic market environment, our commitment to financial discipline remains unwavering,” Chelsea Logistics chief financial officer Darlene Binay said. “Through focused cost management initiatives, diligent efforts to reduce operating expenses, consistent monitoring of asset quality, and strategic liability management exercises, we are building a stronger, more resilient organization,” she added. Chelsea Logistics’ recovery is in line with the shipping industry’s strong performance in the past year as ports handled more passengers and cargo.
The local port industry facilitated 289.52 million metric tons (MT) of cargo last year, higher by 6 percent from 272.46 million MT in 2023, according to data from the Philippine Ports Authority (PPA).
The bulk of the shipments were imported goods amounting to 108.56 million MT, most of which were received in seaports in Manila and northern Luzon. The local seaports also ferried more passengers last year with volume rising by 7 percent to 78.
74 million from 73.64 million in 2023. The roll-on/roll-off traffic, meanwhile, grew by 5 percent to 11.
27 million vehicles from 10.78 million for the period. Subscribe to our daily newsletter By providing an email address.
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