Tanker and ferry group Chelsea Logistics Corp (CLC) has logged a rise in 2017 earnings thanks to its expanding fleet.
The Dennis Uy-controlled Philippines owner, which carried out an IPO last year in Manila, said net profit grew 17.5% to PHP 161m ($3.09m) as revenue more than doubled from a fleet acquisition, according to Business World.
This compared to PHP 137m in 2016.
Towards the end of the year, CLC through its subsidiaries bought four more vessels and this year it has ordered a ro-pax at Kegoya Shipyard in Japan, with three options attached.
They will be delivered in 2019 and 2020.
CLC, whose 2017 purchase of a stake in ferry group 2Go is being disputed by anti-trust authorities, also acquired Starlite Ferries last year.
Chryss Alfonsus Damuy, CLC president and chief executive officer, said CLC expects the acquired vessels to bring profitability starting this year.
"As a result of the acquisitions during the last quarter of the year, we were able to increase our market share not only in the shipping industry but covering the end-to-end supply chain solution of the logistics industry," he said.
CLC described 2017's profit growth as "tempered" by the near 100% increase in financing costs attributable to loans backing the purchase of some of the new vessels.
Last year, the company generated PHP 3.9bn in revenues, which it said was 140% higher than in 2016.
