International Container Terminal Services Inc. (ICTSI) said profit for the first nine months of the year reached $182.6 million, one percent from last year’s $184.9 million due to higher interest on concession rights payable and new coronavirus disease 2019 related expenses.
Revenues reached $1.104 billion, down 0.3 percent from $1.107 billion last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) was at $643.2 million, up 3 percent from $624.3 million in 2019.
“Equity in net loss of joint ventures decreased by 28 percent to $12.7 million in the first nine months of 2020 from $17.6 million for the same period in 2019 mainly due to the 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,” the company said.
ICTSI handled 7.43 million twenty-foot equivalent units (TEUs) of cargo for the period, two percent lower than the 7.59 million TEUs in 2019, primarily due to the decline in trade activities which resulted from the impact of the COVID-19 pandemic on global trade and lockdown restrictions.