MANILA: Listed port operator International Container Terminal Services Inc. (ICTSI) saw its net profit drop 12 percent in the first six months of the year from a year ago, as revenues dipped.
In a filing to the Philippine Stock Exchange, ICTSI said net earnings reached $92.6 million from January to June, down from the $105.7 million in the same period last year.
Net income attributable to equity holders fell 13 percent to $87.3 million in the first half from the $100 million in the same period in 2015.
“Net income attributable to equity holders declined mainly due to unfavorable volume mix, lower non-containerized and storage revenues, and lower capitalized borrowing costs and higher depreciation and amortization expenses related to Tecplata S.A., the company’s new terminal in Buenos Aires, Argentina,” ICTSI said.
