On Thursday, the company reported a broader annual loss mainly due to the effects of coronaviral pandemic and government action impacting its activities. CHALSEA Logistics and Investments Holdings Corp.
In comparison to the loss of P831,76 millions a year ago, Dennis A Uy-led announced a net impairment of P3.31 billion for 2020. The group listed
The corporation stated in a statement in the stock market that its revenue decreased 34.12 percent to P4.68 billion in 2020. Broken down, cargo sales fell 21.99% to P2.10 billion, tanker sales plummeted by 41.25% to P1.17 billion, and transit sales plunged 64.79% to P501 million.
The logistics company maintained its turnover of P368 million, although sales in the turbo division increased by P338 million by P351 million by 3.85%.
In 2020 its EBITDA (earnings before taxation, taxation, depletion and depreciation) decreased by 90% to P205 million.
“The COVID-19 pandemic (coronavirus disease 2019) quickly intensified in March (last year), and in the operational cycle the consequent effects and the government action taken to combat this virus adversely affected the Group’s activities,” said the organization.
‘During the first two-and-a-half months of two strengthened population quarantines, the amount of freight fell significantly while the transportation of critical products was permitted. With the increasingly lifted limitations, the group’s operations have improved somewhat, which is far from the pre-pandemic operational performance,” he said.
On 18 March this year, Chelsea Logistics signed an acquisition agreement with 2GO Group, Inc. to sell its entire shareholdings.
Within 90 days of signing of the deal, it is required to complete the disposal.