Billionaire Razon's ICTSI net income down 1 pct in Jan-Sept as pandemic slows global trade

ABS-CBN News

Posted at Nov 04 2020 02:50 PM

Billionaire Razon's ICTSI net income down 1 pct in Jan-Sept as pandemic slows global trade 1

MANILA - Port operator International Container Terminal Services Inc (ICTSI) said its net income was down 1 percent in the first 9 months of the year due to the impact of the COVID-19 pandemic on global shipping. 

ICTSI said it booked a net income of $182.6 million in the first 3 quarters of 2020, which was lower than the $184.9 million earned in the same period last year due mainly to higher interest on concession rights payable and COVID-19 related expenses. 

The port operator however also noted a rebound in the third quarter, where its income grew 23 percent to $69.2 million, compared to $56.4 million in the same period last year. 

ICTSI chairman and president Enrique Razon said the company’s performance in the third quarter benefited from the cost preservation measures they took to mitigate the effects of the pandemic. 

“Our actions, together with improvements in global trade, a diversified portfolio, and high levels of customer service have helped to deliver an improved performance compared to the same period in the previous year,” Razon said. 

Despite the gains in the third quarter, Razon said the company remains cautious and was “very mindful of how unpredictable the environment is, as certain parts of the world move to a secondary lockdown.”

“However, ICTSI is well positioned to benefit further should global trade continue to show signs of recovery, underpinned by our stringent cost management, ability to swiftly respond to changing situations and our diverse geographical presence.”

Watch more on iWantTFC

Last July, ICTSI won a contract to develop, operate and maintain a port in the Central African nation of Cameroon

ICTSI shares were up 0.43 percent at P115.50 per share at the close of Tuesday's trading.