Port operator International Container Terminal Services Inc. said Wednesday net income fell 1 percent in the first nine months to $182.6 million from $184.9 million in the same period last year on higher interest on concession rights payable and COVID-19-related expenses.
ICTSI said third-quarter income climbed 23 percent to $69.2 million from $56.4 million a year ago. “Our performance for the third quarter benefited from the cost preservation measures we took to mitigate the adverse effects of the pandemic,” ICTSI chairman and president Enrique Razon Jr. said.
“Our actions, together with improvements in global trade, a diversified portfolio, and high levels of customer service have helped to deliver an improved performance compared to the same period in the previous year,” he said.
“However, ICTSI is well positioned to benefit further should global trade continue to show signs of recovery, underpinned by our stringent cost management, ability to swiftly respond to changing situations and our diverse geographical presence,” he said.
