International Container Terminal Services, Inc. (ICTSI) Chairman and President Enrique Razon Jr. said, “For many people around the world, livelihoods have been severely impacted by the outbreak of Covid-19. This pandemic is having, and will continue to have devastating effects on our societies and it will take a significant amount of combined effort from organizations, governments and individuals to bring back some degree of normality. We have witnessed extraordinary efforts from our frontline workers, particularly those in healthcare, emergency services and our very own people who ensure medical supplies, food and other basic necessities reach communities across the world. On behalf of the Board, I want to express my deepest gratitude and respect. Our hearts go out to everyone who is suffering at this time.”
“During the first quarter, we took immediate action and our response to Covid-19 focused on four key areas: protecting our people, continuing to provide excellent services to our customers, living by our deeply embedded values of caring for host communities and ensuring ICTSI continues to be financially strong. The effect of the virus was felt in the latter part of the first quarter and our volumes compared to the previous year were largely flat. Regions are at different stages of the viral outbreak which is reflected in our portfolio performance; Asia delivered lower volumes compared to previous year while EMEA and America segments both still registered positive volume growth for the quarter. However, the latter two regions showed signs of weakness in March.”
“We have taken significant measures which include reducing our cost base and capital expenditure while seeking ways to increase our market share in certain markets. We continue to monitor the situation carefully so we can adapt our responses. ICTSI is an agile business and able to act swiftly to ensure the business remains robust during these uncertain times.”
International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the quarter ended March 31 posting revenue from port operations of $375.8 million, a decrease of two percent over the $383.8 million reported for the same period last year; Earnings Before Interest, Taxes, Depreciation and Amortization (Ebitda) of $212.2 million, five percent lower than the $222.5 million generated in the first quarter of 2019; and net income attributable to equity holders of $59.6 million, 18 percent less than the $72.4 million earned in the same period last year due to the lower operating income, increase in interest on concession rights payable and Covid-19 related expenses; partially tapered by 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 Harbor 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.
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