INTERNATIONAL Container Terminal Services Inc. (ICTSI) said profit for the first quarter of the year reached $59.6 million, down 18 percent from $72.4 million in the same period last year.
Revenues amounted to $375.8 million, down two percent from $383.8 million last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $212.2 million, down five percent from $222.5 million in 2019.
ICTSI said it suffered lower operating income, increase in interest on concession rights payable and new coronavirus diseases 2019 (COVID-19) related expenses for the period, partially offset by a decrease in equity in net loss of joint ventures and an associate
“Equity in net loss of joint ventures and an associate decreased by 10 percent to $5.5 million in the first quarter of 2020 from $6.1 million for the same period in 2019 due to the increase in the company’s share in the net income of Manila North Harbour Port, Inc. (MNHPI) from 34.83 percent to 50 percent in April 2019 and a decrease in the company’s share in net loss at Sociedad Puerto Industrial Aguadulce S.A. (SPIA), its joint venture container terminal project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia,” ICTSI said.
The Razon-led terminal operator said it facilitated the movement of 2.51 million twenty-foot equivalent units (TEUs) of goods for the period, one percent higher than the 2.48 million TEUs last year.
“The slight increase in volume was primarily due to the contribution of a new terminal in Rio de Janeiro in Brazil and new services at certain terminals; tapered by decline in trade activities due to the impact of COVID-19 pandemic on global trade. Excluding the contribution of ICTSI Rio, consolidated organic volume would have decreased by one percent in the first quarter of 2020,” ICTSI said.
Capital expenditures for the period, excluding capitalized borrowing costs, stood at $59.7 million, mainly for the ongoing expansions at Manila International Container Terminal (MICT) in Manila; Contecon Manzanillo S.A. (CMSA) in Mexico; and ICTSI DR Congo (IDRC) in Matadi, Democratic Republic of Congo.
