Chelsea Logistics, the shipping and logistics arm business segments of Davao businessman Dennis Uy’s Udenna Group of Companies, reported a consolidated net loss after tax of ₱41 million in the first quarter this year, an improvement from ₱148 million loss in the same period last year, driven by thriving freight operations and rising passenger demand.
In a disclosure to the Philippine Stock Exchange, Chelsea Logistics said that its Q1 2024 EBITDA grew by 28 percent to ₱639 million, while loss per Share improved to ₱0.021 from ₱0.069 in 2024.
The improvement in net loss was a result of the growth in its revenue generation. Chelsea Logistics recorded consolidated revenues of ₱2.091 billion as of March 31, 2025, marking an 18 percent year-over-year increase, driven by growth across key business segments.
Freight and passenger volumes expanded, supported by higher rates and strategic asset optimization, while vessel redeployment and chartered RoRo vessels boosted Freight revenues by 19 percent.
Total direct costs increased by 15 percent, staying below the 18 percent consolidated revenue growth, despite a 19 percent surge in bunkering expenses due to higher trip volumes and fluctuating fuel prices. Depreciation and amortization climbed 24 percent, driven by increased drydocking costs and vessel revaluation in Q4 2024. Nevertheless, the Gross Profit Margin improved from 17 percent to 19 percent.
Consolidated other operating expenses grew by 17 percent, driven by higher dues and labor-related costs. However, the Other Operating Expense-to-Revenue Ratio remained stable at 11 percent year-over-year. Operating performance surged by 46 percent, with operating profit reaching ₱165 million, attributable to cost management and operational efficiency. Ongoing loan restructuring efforts helped cut Interest Expense by 17 percent in the total amount of ₱229 million.
Consolidated total assets remained steady at ₱31 Billion, while Total Equity declined slightly to ₱4.220 billion in Q1 2025, bringing Book Value per Share down from ₱1.99 billion in December 2024 to ₱1.97.
Chelsea Logistics President & CEO Chryss Alfonsus V. Damuy said, “Through the implementation of strategic initiatives and the pursuit of operational excellence, we have achieved remarkable growth while upholding efficiency. We extend our deepest gratitude to our valued stakeholders for their steadfast trust and support, which remain fundamental to our continued success. Furthermore, we sincerely acknowledge our dedicated team members – the cornerstone of our organization – whose unwavering commitment and diligence have been instrumental in realizing this achievement.”
Chelsea Logistics CFO Darlene A. Binay added, “The 46 percent improvement in our operating performance underscores the effectiveness of our cost management strategies and our ability to navigate challenges with agility. We remain unwavering in our commitment to financial discipline and sustainable growth, ensuring long-term value creation for all stakeholders. We extend our sincere appreciation to our esteemed investors, partners, and customers for their enduring confidence, as well as to our employees, whose expertise and commitment continue to propel our success.”
