MANILA, Philippines - Port operator International Container Terminal Services, Inc. saw profits fall by an annual 14% in the third quarter due to a one-time gain booked a year ago.
The Enrique Razon-led firm's net income attributable to equity holders went down to $35.5 million in July to September from $41.4 million last year, ICTSI said in a disclosure to the stock exchange.
"Net income attributable to equity holders in the third quarter of 2011 included a non-recurring income related to the sale of ICTSI's 16.79% ownership stake in Portek International Ltd.," the company said.
Revenues climbed 5% to $179.7 million in the third quarter from $171.8 million last year, due to higher volume handled in the ports, increased tariff rates, and additional earnings from newly acquired ports in Indonesia and India.
In the nine months to September, ICTSI's net income grew 4% to $105.8 million from $101.4 million, as revenues increased 7% to $524.7 million.