Chelsea Logistics and Infrastructure Holdings Corp. is confident it will make a full recovery post-Covid, banking on its growing logistics business due to the surge in e-commerce.
“We are in the best position to bounce back faster once economy improves and businesses will operating in the new normal,” said Chryss Alfonsus V. Damuy, president and CEO of Chelsea.
Damuy said despite the tough business conditions, Chelsea has been benefiting from a booming e-commerce and demand from advanced mobile applications and banking solutions.
The company expects its 2.5-hectare logistics warehouse to be a significant revenue contributor once it is completed in the first quarter of next year.
“As the company sees signs of recovery in its shipping business in 2021, positive cash flow is seen in early to mid-2022.
Damuy emphasized that the company’s EBITDA remains positive despite the P1.29 billion loss it incurred in the first half this year.
This marked a reversal of the P308 million posted in the same period a year ago, largely due tot he strict lockdown measures imposed by the government to stem the spread of the deadly virus.
Source: Bilyonaryo.com.ph
Source: Peso Economics
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