MANILA - The International Container Terminal Services Inc (ICTSI) posted a net income of $113.4 million in the first half of the year, down 12 percent compared to the same period in 2019.
The port operator said the decline was due to a lower operating income, an increase in interest on concession rights payable and expenses related to addressing the COVID-19 crisis.
“Gross revenues from port operations for the first six months of 2020 decreased by four percent to $724.3 million from the $751.8 million reported in the same period in 2019 as trade activities declined due to the impact of the COVID-19 pandemic and lockdown restrictions,” the company said.
ICTSI chairman and president Enrique Razon said they expect the second half of the year will continue to be challenging and marked with uncertainties.
“However, ICTSI is well-positioned to navigate through these uncertain times, underpinned by our 32 terminals diversely located around the world, the resilience of our business model, agility and a strong capital structure,” Razon said.