FORMER Philippine Airlines (PAL) President and COO Gilbert Santa Maria has been elected as independent director of Chelsea Logistics and Infrastructure Holdings Corp.
Chelsea Logistics said that Santa Maria’s “extensive expertise in the transportation and logistics industry will provide insights and drive further growth for the company.”
Santa Maria played a vital role in the airline’s reorganization in 2021 after it filed for bankruptcy in the US. The subsequent restructuring was said to be the fastest in industry history.
Santa Maria left the flag carrier in 2022 following reported differences with its owners.
He earned a degree in BS Electrical Engineering from the University of the Philippines, and an MBA in Operations and Finance from the Yale School of Management.
Chelsea Logistics generated a net income before tax of P78 million for the second quarter of 2024, overturning its P106-million loss last year.
“The company will increase revenues by expanding services which are responsive to market conditions and focus on profitable routes, and also diversify revenue streams,” Chelsea President and CEO Chryss Alfonsus Damuy said.
“We will continue to invest in technology as automation and digitalization lead to cost savings and better customer experiences,” he added.
Chelsea Logistics Chief Finance Officer Darlene Binay said the impact of a liability management exercise on the company’s recovery had “allowed the group to restructure its loans, securing longer tenors and special lending rates from creditors.”
“The support from creditors has freed up cash for the company during its recovery period, which has been used to partly finance the drydocking requirements of its fleet and other operating expenses,” she added.
Chelsea’s share price rose by 7 centavos to close at P1.38 on Monday.
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