DENNIS A. UY’S Chelsea Logistics and Infrastructure Holdings Corp. and DITO CME Holdings Corp. trimmed their net loss during the second quarter after booking higher revenues.
Chelsea Logistics narrowed its attributable net loss to P106.83 million in the second quarter from the P587.63 million incurred last year.
The company posted P1.87 billion in revenues, a 15.8% increase from the P1.61 million recorded a year ago. It described its quarterly top line as its highest since March 2020, and just 8% lower than its record P2.04 billion reported in the fourth quarter of 2019.
The increase in revenues was supported by a 5.7% decline in the company’s cost of sales and services from April to June at P1.34 billion from P1.42 billion in 2022.
“Both cargo and passage revenues maintained positive year-on-year and sequential growth, mainly driven by passage,” the company said.
The passage segment contributed 51% higher revenue in the second quarter to P540 million, with the freight segment remaining the biggest contributor at P919 million, 6% higher than last year’s showing, it said.
For the first semester, the company booked an attributable net loss of P430.87 million, down from the P1-billion loss incurred last year.
The narrowed net loss came after a 22.8% increase in the company’s top line to P3.58 billion from P2.91 billion in 2022.
The first-half cost of sales was slightly higher at P2.78 billion, which reflected a 5.4% rise from the P2.64 billion recorded in the previous year.
“The second-quarter results have shown that the group is on the right trajectory to profitability,” said Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy.
“With increasing demand and traffic, we continue to activate and deploy our ships which have been laid-up for the past years. Our loyal customers will see more positive developments from us in the coming days,” he added.
HIGHER SERVICE REVENUES
DITO CME trimmed its net loss to P1.1 billion in the three months ended June from the P4.63 billion incurred last year, due to higher service revenues.
The company’s top line reached P2.62 billion in the second quarter, 54.7% higher than the P1.7 billion booked in the same period last year.
Service revenues accounted for P2.61 billion of the company’s top line, which reflects a 53.9% increase from the P1.69 billion booked in the previous year.
Non-service revenues showed significant growth, increasing more than eight times to P17.47 million from P2.09 million a year ago.
DITO CME’s costs and expenses rose by 21.9% to P6.21 billion in the second quarter from P5.1 billion in 2022, amid higher depreciation and amortization.
For the first semester, DITO CME saw its attributable net loss decline to P1.43 billion, trimming down last year’s loss of P8.3 billion.
Revenues from contracts with customers totaled P4.96 billion in the first six months, 64% higher than the P3.03 billion booked in the same period last year.
“The group derives its revenue mainly from the transfer of goods and services over time and at a point in time by providing mobile services to subscribers in prepaid arrangements such as SMS (short message service), voice, data, and internet,” the company said.
DITO CME’s revenues were mainly generated by DITO Telecommunity Corp., which had approximately 7.5 million active subscribers by the end of the SIM (subscriber identity module) registration period.
Costs and expenses in the first half ballooned to P11.58 billion, an 18% increase from the P9.82 billion incurred in the previous year, as depreciation and amortization climbed by 61.3% to P6.42 billion from P3.98 billion last year.
“(The increase in depreciation and amortization was) mainly due to the significant capital expenditures during the year as part of DITO Tel’s continued focus on increasing network coverage nationwide,” the company said.
On Monday, shares in Chelsea Logistics increased by a centavo or 1.04% to 97 centavos apiece, while shares in DITO CME slipped by a centavo or 0.44% to P2.24 each. — Justine Irish D. Tabile