MANILA, Philippines – Chelsea Logistics and Infrastructure Holdings, the shipping and logistics arm of Dennis Uy's Udenna Corporation, posted a net income of P308 million in the 1st half of 2019, 14.7% lower than the same period last year.
Despite the dip, Chelsea remained optimistic that earnings will improve, noting that its 2Go business registered a positive 2nd quarter from the net loss in the 1st quarter. Its expansion program, which includes the addition of new vessels, is said to bolster its financial performance.
Chelsea's business revenues during the period ended at P223 million, representing a 75% growth compared to the same period last year.
"This was the result of the group's continued expansion program of increasing its warehouse capacity and trucking fleet. This segment is expected to further improve once the group's warehouse complex located on a 2.5-hectare property in Taguig City commences commercial operations in 2020," the company said in its disclosure.
Revenues from shipping services generated 90% of Chelsea's total revenues and grew to P3.27 billion, which was 26% higher year-on-year.
Tankering revenues, which consist of charter fees and standby charges, grew to P1.2 billion from P966 million, primarily from the operations of MT Chelsea Providence, the company's medium-range tanker.
Meanwhile, revenues from its freight business grew by 21% from P855 million to P1.03 billion.
Revenues from its tugboat business declined by 9% from P179 million to P163 million.
As of June, total assets of the company grew to P33.5 billion.