International Container Terminal Services Inc. on Thursday reported an 18-percent drop in net income in the first quarter of the year partly due to COVID-19 related expenses as it slashed capital expenditures by $100 million this year.
The port terminal operator posted a net income of $59.6 million in the January-to-March period, down from $72.4 million in the same period last year due to the lower operating income, increase in interest on concession rights payable and COVID-19 related expenses.
“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,” said ICTSI chairman and president Enrique Razon.
The company’s gross revenues from port operations for the quarterfell 2 percent to $375.8 million from the $383.8 million in the same period in 2019.