Dennis Uy still stuck on losing streak since 2017 IPO: Chelsea drowns in P2.2B red ink in 9M 2021

Chelsea Logistics and Infrastructure Holdings of Davao-based businessman Dennis Uy has stretched its losing streak to three years and nine months.

Sinking since listing: Dennis Uy’s Chelsea is 2nd worst IPO under Duterte with debt tripling, losses mounting since market debut

Chelsea reported a net loss of P2.2 billion in the first nine months of 2021, down 15 percent from its P2.6 billion loss in the same period last year.

This raised Chelsea’s total losses to P6.9 billion since 2018, its first full year of operations since making an P5.8 initial public offering four years ago.

Chelsea piles up P1B losses from bad credit, DITO losses; Dennis Uy seeks relief from DBP, ChinaBank, BDO on ballooning debt

Chelsea’s share price is currently trading at its historic low of P1.93 or just 18 percent of its IPO offer price of P10.68.

Chelsea, however, underscored the “slight improvement” in its freight and logistics business amid challenges posed by COVID-19, particularly in the third quarter when revenues jumped 52 percent year on year to P1.142 billion.

Dennis Uy’s Chelsea gets relief for its P3.7B loans under DBP’s special rescue program for ‘calamity-stricken’ clients

Chelsea President and CEO Chryss Alfonsus V. Damuy said this was the second quarter this year that the group’s shipping segment reported positive year-on-year revenue growth since the first Enhanced Community Quarantine (ECQ) restriction was imposed in March 2020. This positive growth was driven by reight (up 58 percent) which offset the poor passage and tankering businesses.

“Unfortunately, the passage and tankering segments remain challenged with continued restrictions on inter-island travel and on the movement of petroleum products. However, there are already pockets of recovery in the passage business,” said Damuy.

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.

Fraud trial opens of former Swedbank CEO

Former chief executive of Swedish bank Swedbank, Birgitte Bonnesen, went on trial in Stockholm on Tuesday to answer fraud and market manipulation charges, three years after a money laundering scandal implicating her bank erupted.