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Friday, March 29, 2024

ICTSI nets $42.2m

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International Container Terminal Services Inc. said Friday net income fell 22 percent in the first quarter of the year, dragged down by weak container volume.

The port operator owned by tycoon Enrique Razon Jr. reported a net profit of $42.2 million in the January-to-March period from $54 million in the same period last year. 

ICTSI’s revenue from port operations amounted to $266.5 million in the first quarter, a decrease a 10 percent from $296.1 million in the same period last year. 

“The decline in earnings was mainly driven by lower storage & ancillary revenues, unfavorable container volume mix, lower capitalized borrowing cost, higher depreciation and amortization expenses and start-up costs of new terminals and projects,” the port operator said. 

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