ICTSI MANEUVERS THROUGH FLAKS

ICTSI reported lower operating income, increase in interest on concession rights payable and COVID-19 related expenses

Global port manager International Container Terminal Services Inc. (ICTSI) reported a modest 12 percent slide in net income in the first half to $113.4 million from $128.5 million a year ago.

For the second quarter, net income was at $53.8 million, four percent less than the $56.1 million recorded in the same period last year.

In the most recent three months, revenues from port operations decreased five percent from $368 million to $348.5 million; earnings before income tax, depreciation and amortization (EBITDA) was also one percent higher at $204.2 million from $201.9 million.

ICTSI reported lower operating income, increase in interest on concession rights payable and coronavirus disease 2019 (COVID-19) related expenses.

A reduction in net loss at its greenfield terminal in Melbourne, Australia and lower equity in net loss of joint ventures augmented earnings during the period.

Virus affects earnings

Revenue from port operations was $724.3 million, a decrease of four percent from the $751.8 million reported for the same period last year. Net income attributable to equity holders reached $113.4 million, 12 percent less than the $128.5 million earned in the same period last year.

Equity in net loss of joint ventures decreased by 22 percent to $9.7 million in the first half of 2020 from $12.4 million for the same period in 2019 mainly as a result of 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.

PHOTOGRAPH COURTESY OF HEADTOPIC VOLUME of cargos handled by ICTSI was down five percent at 4,799,765 twenty-foot equivalent units for the first six months.