Chelsea Logistics today announced a robust 18% year-on-year increase in revenues for the first quarter of 2025, reaching P2.091 billion. This significant growth was primarily driven by strong performance in both freight and passenger volumes.
The company experienced a substantial 19% surge in freight revenues, attributed to the strategic redeployment of vessels and the utilization of chartered Roll-on/Roll-off (RoRo) vessels to meet increasing demand.
Despite facing rising operational costs, including a 19% increase in bunkering expenses and a 24% rise in depreciation, Chelsea Logistics successfully improved its gross profit margin to 19%. This operational efficiency, coupled with a 46% increase in net other income and a 17% reduction in interest expenses resulting from loan restructuring, propelled operating profit to P165 million, a remarkable 46% increase compared to the same period last year.
The company also made significant strides in improving its bottom line. Net loss after tax significantly shrank to P41 million in Q1 2025, a substantial improvement from the P148 million loss reported in the first quarter of 2024. Consequently, loss per share also improved to P0.021.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) demonstrated strong growth, climbing by 28% to P639 million.
Chelsea Logistics maintained a stable total asset base of P31 billion. Total equity saw a slight decrease to P4.220 billion, resulting in a book value per share of P1.97.
