Dennis Uy’s Chelsea Logistics and Infrastructure Holdings lost P3.3 billion in 2020, amid a challenging business environment caused by the coronavirus pandemic, the company told the Philippine Stock Exchange on Friday, April 23.

Severe restrictions imposed on the shipping industry caused a 35% dip in revenues to P4.68 billion.

Passage revenues plunged by 65%, while freight revenues dropped 22%.

“The 2020 financial results were disappointing with a wider loss compared to the previous year. However, we have seen some segment-specific recoveries in the fourth quarter. Throughout the year we continued to work on preparing the Group for a recovery that we see will happen by the second half of 2021,” said Chelsea president and chief executive officer Chryss Damuy.

The logistics company saw recovery during the last three months of 2020, posting 155% quarter-on-quarter growth in its freight business.

Chelsea will further trim losses after it is scheduled to complete its disposal of equity interest in 2GO Group by the second quarter of this year. – Rappler.com