Port operator International Container Terminal Services Inc. said Thursday net income fell 3 percent in the second quarter from a year ago on weak global trade brought about by the COVID-19 pandemic.
The company led by port magnate Enrique Razon posted a net income of $62.5 million from April to June, down from $64 million in the same period last year.
ICTSI’s net income reached $113.4 million in the first half, also down by 12 percent from $128.5 million a year earlier. ICTSI blamed the decline in net income to the lower operating income, increase in interest on concession rights payable and COVID-19 related expenses.
Gross revenues in the first half softened by 4 percent to $724.3 million from $751.8 million in the same period last year as trade activities declined because of the pandemic and lockdown restrictions.
ICTSI handled consolidated volume of 4,799,765 twenty-foot equivalent units in the first six months, 5 percent less than 5,041,916 TEUs it handled in the same period in 2019.