Chelsea Logistic and Infrastructure Holdings Corp., a listed shipping and logistics group, said Tuesday its net loss narrowed in 2022 on sustained revenue growth and strict enforcement of cost-containment practices.
Despite impairment losses on property and equipment, investment properties, and goodwill totaling P921 Million, Chelsea still managed to cut its loss in 2022 to P2.53 billion from P3.91 billion. Chelsea also booked a gain of P134 million from debt modification.
Revenue last year 2022 increased 44 percent to P6.43 billion, reversing a 4 percent year-on-year contraction in the previous year. Revenue growth was driven by significant increases across all segments, including a quadruple increase in passage and 7 percent from logistics. Freight remained the 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.
The sustained improvements in revenues along with the continued strict enforcement of cost-containment measures throughout the year enabled Chelsea to report its first gross profit in three years of P763 million. Operating expenses in 2022 grew by only 2 percent to P1.11 billion, considerably lower than the 44 percent increase in the previous year.
“Our strategy remains unchanged – to enhance and grow our topline while continuously improving our cost structure. As the economy bounces back, we also look forward to returning soon to pre-pandemic levels of financial performance,” said Chelsea president and CEO Chryss Alfonsus Damuy.
Chelsea chief financial officer Ignacia Braga IV said the company continues to engage its creditors, suppliers and other stakeholders to sustain “improvements in the Group’s financial performance.”
