Chelsea Logistics and Infrastructure Holdings Corp., the shipping and logistics arm of businessman Dennis Uy, said Wednesday it deferred most of its capital expenditures and sold some assets to mitigate the impact of the coronavirus pandemic on the overall business.
Chelsea Logistics president and chief executive Chryss Alfonsus Damuy said during the annual stockholders’ meeting the group also implemented work rationalization program as part of a strategy to adapt to the challenges.
The company availed of the extension period for loan payments provided under Bayanihan Acts 1 and 2 to ease its cash flow. Damuy said with measures to stem the losses and improve financial health, the company was expected to recover from the impact of the coronavirus by the middle of 2021.
“We are in the best position to bounce back faster once economy improves and businesses will be operating on the new normal,” Damuy said.
