MANILA, Philippines —The logistics group of Davao-based businessman Dennis A. Uy cut jobs, sought loan waivers and shed other assets apart from selling affiliate 2GO Group Inc. in a bid to stay afloat this COVID-19 pandemic.
In its 2020 annual report, Uy’s Chelsea Logistics & Infrastructure Holdings Corp. said the pandemic severely disrupted business operations and demand for its services.
For the full-year, the company reported a net loss of P3.3 billion—nearly three times larger than the previous year’s loss of P832 million.
Revenues fell 35 percent to P4.67 billion while debt obligations, both short-term and long-term, increased last year.
By the end of 2020, C…
Keep on reading: Uy’s Chelsea cut jobs, sent IOUs as losses bulged to P3.3B