Chelsea Logistics and Holdings owned by Duterte crony Dennis Uy is claiming progress in 2023 despite booking another nine-digit loss.
Chelsea reported a P324 million loss in the first three months this year, down by 22 percent from P415 million during the same period last year. This pushed Chelsea’s accumulated red ink P11.4 billion since 2018.
Despite the losses, Chelsea president and CEO Chryss Alfonsus V. Damuy was encouraged by the company’s performance, notably the 31 percent rise in revenue to P1.708 billion, its biggest first quarter turnover since the pandemic broke out in March 2020.
““The year has started well for us. We are witnessing significant positive developments, notably from the passage (up 155 percent to P407 million) which has historically been one of our weaker segments,” said Damuy.