Chelsea Logistics and Infrastructure Holdings Corp. said Tuesday said its 2022 net loss narrowed on higher revenues from freight, passage and tugboat businesses.
Chelsea Logistics said it managed to cut its annual loss by 35 percent to P2.52 billion last year from P3.9 billion in 2021.
“Our latest results reflect our ongoing efforts to closely engage with our creditors, suppliers and other stakeholders in sustaining improvements in the Group’s financial performance. We are grateful for their steadfast support,” said Ignacia Braga IV, chief finance officer of Chelsea Logistics.
Revenues grew by 44 percent to P6.43 billion last year, reversing a 4-percent year-on-year contraction in the previous year.
The robust growth was driven by significant increases across all segments, including 318-percent increase from passage and 7 percent from Logistics.
Freight remained the group’s largest revenue contributor accounting for 53 percent of the total, despite a reduction from 61 percent in the previous year as the higher-margin/passage segment continued to recover and improve.
Operating expenses in 2022 grew by 2 percent to P1.114 billion, considerably lower than the 44-percent increase in annual revenues, bringing down the operating loss by 80 percent from P1.93 billion P393 million.
“Our strategy remains unchanged—to enhance and grow our topline while continuously improving our cost structure,” said Chryss Alfonsus Damuy, president and chief executive of Chelsea Logistics.
“As the economy bounces back, we also look forward to returning soon to pre-pandemic levels of financial performance,” he said.