ICTSI's H1 profit off 12pc to US$113.4 million, revenue down 4pc
MANILA's International Container Terminal Services Inc (ICTSI) has posted a 12 per cent drop in first half year-on-year net profit to US$113
MANILA's International Container Terminal Services Inc (ICTSI) has posted a 12 per cent drop in first half year-on-year net profit to US$113.4 million, drawn on revenues of $724.3 million, down four per cent.
'Covid-19 is now the major challenge for most businesses globally and we expect the second half to be challenging,' said ICTSI chairman and president Enrique Razon.
'However, ICTSI is well-positioned, underpinned by our 32 terminals around the world, the resilience of our business model, agility and a strong capital structure,' Mr Razon said.
Second quarter net profit dropped four per cent to $53.8 million, drawn on revenues of $348.5 million.
ICTSI posted a five per cent decline in container volume to 4,799,765 TEU in the first half mostly because of the Covid lockdown restrictions.
Excluding the contribution of the new terminal in Rio de Janeiro, Brazil, ICTSI Rio, consolidated organic volume would have decreased six per cent in the first half of 2020.
Consolidated second quarter volume throughput was 11 per cent lower at 2,290,779 TEU compared to 2,563,244 TEU.
First half revenues from port operations fell four per cent to $724.3 million year on year. For the second quarter, gross revenues fell five per cent to $348.5 million.
Capital expenditures in the first half mainly went to expanding the Manila International Container Terminal (MICT), Contecon Manzanillo in Mexico; and ICTSI DR Congo (IDRC) in Matadi, Democratic Republic of Congo.
Amid the ongoing impact of the Covid-19 pandemic on global trade, the group has reduced its capital expenditure plan for the year to $160 million, which will got mainly to completing expansion projects.