Chelsea losses shrink as business segments’ revenues grow - BusinessWorld Online

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CHELSEA Logistics Infrastructure Holdings Corp. managed to trim its attributable net loss for the second quarter of the year to P587.63 million from P727.09 million previously, as revenues improved amid increased economic activities. READ

Total revenues for the second quarter climbed 65.3% to P1.61 billion from P975.96 million previously, Chelsea Logistics’ second-quarter financial performance results showed.

“All business segments reported positive revenue growth during the quarter, particularly the passage segment,” the company said. For the first half, the company’s attributable net loss was reduced to P1 billion from a loss of P1.07 billion in the same period a year ago.“We are very encouraged by our Q22022 results with substantial improvements in revenues, especially for the passage segment,” Chelsea President and Chief Executive Officer Chryss Alfonsus V. Damuy said.

“Despite increases in our costs, the strong growth in our revenues was able to narrow our losses on a year-to-date basis,” he added. Chelsea and its three shipping lines, Starlite Ferries, SuperCat, and Trans-Asia, recently launched Chelsea Travel, a unified online booking system for passengers.The group also plans to launch a loyalty application to provide freebies and rewards.

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