MANILA - Chelsea Logistics and Infrastructure Holdings Corp said Wednesday it deferred "most" of its capital expenditures this year to mitigate the impact of the coronavirus pandemic as it expects signs of recovery in 2021.
The company also availed of the extension periods for loan payments as provided under the country's coronavirus response laws, Bayanihan 1 and 2, Dennis Uy's firm told the stock exchange.
No amount of the deferred capex was disclosed.
Chelsea Logistics said the measures implemented could hasten recovery. Positive cashflow is seen in early to mid-2022, it said.
“We are in the best position to bounce back faster once the economy improves and businesses will be operating on the new normal," Chelsea Logistics president and CEO Chryss Alfonsus Damuy said.
Despite the challenges, the company continued investments in its logistics business driven by the growth in the e-commerce surge. Its 2.5 hectare logistics warehouse which will be completed in the first quarter of 2021 will be a cashflow generator, Damuy said.
Chelsea Logistics also increased its authorized capital stock to P3.5 billion from P2 billion with a par value of P1 per share for "greater flexibility" and for additional working capital.
Chelsea Logistics is one of the fastest growing shipping and logistics companies in the country.