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ICTSI profit fell to nearly $60M in Q1

By Lisbet K. Esmael/The Manila Times

Listed International Container Terminal Services Inc. (ICTSI) saw its net income plunge to $59.59 million (P3.1 billion) in the first quarter of the year, which it attributed on the coronavirus disease 2019 (Covid-19) pandemic, which affected its global port operations.

In a disclosure on Thursday, the Razon-led port operator said the amount was a 17.7-percent decrease from $72.4 million in the same period last year.

Revenues from its port operations dipped by 2 percent to $375.8 million from $383.8 million a year ago.

Earnings before interest, tax, depreciation and amortization stood at $212.2 million, 5 percent lower than $222.5 million year-on-year.

“The effect of the virus was felt in the latter part of the first quarter and our volumes, compared to the previous year, were largely flat,” ICTSI Chairman and President Enrique Razon Jr. was quoted as saying in the disclosure.

The company handled 2.50 million twenty-foot equivalent units (TEUs) in the quarter, compared with 2.47 million year-on-year.

Capital spending for this year was reduced to $100 million on account of the pandemic.

“We have taken significant measures [to cope with the crisis], which include reducing our cost base and capital expenditure, while seeking ways to increase our market share in certain markets,” Razon said.

“We continue to monitor the situation carefully so we can adapt our responses,” he added.
ICTSI shares fell by 45 centavos 0.54 percent to finish at P82.55 apiece on Thursday.

 


Source: https://www.manilatimes.net/2020/05/08/business/companies/ictsi-profit-fell-to-nearly-60m-in-q1/723468/

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