Chelsea Logistics posts higher earnings in H1

Dennis Uy’s Chelsea Logistics Holdings Corp. will expand its warehousing capacity by approximately seven times as it strives to become a major logistics player in the country.

The shipping and logistics company reported a net income of P360 million in the first half, up 29 percent from a year ago. Revenues reached P2.7 billion, buoyed by the strong shipping business as well as the freighter segment.

CLC president and chief executive officer Chryss Alfonsus Damuy said the company recently broke ground on a 2.5hectare land, which will be the site of a warehousing facility at Barangay Tipas, Taguig City.

“Upon completion, this new facility’s capacity would be approximately seven times bigger than the existing warehousing capacity of CLC through WorkLink Services Inc.,” Damuy said.

First half revenues from shipping activities jumped 67 percent to P2.6 billion, while revenues from the tankers and tugs business grew 37 percent, contributing P1.2 billion to topline.

The freighter segment grew its revenues by 97 percent to P855 million.

On the other hand, the company registered P128 million in revenues from its logistics business, up six percent.

Currently, the logistics services account for five percent of the company’s consolidated revenues, while the shipping business remains the dominant contributor at 95 percent .

Moving forward, the company has been implementing a continuous re-fleeting program with two new additional cargo freight vessels and one roll-on/roll-off and passenger (RoPax) vessel which were launched last month through Trans-Asia Shipping Lines Inc.