ICTSI first half income drops 39%
Port operator International Container Terminal Services (ICTSI) suffered a 39-percent drop in its net income to US$23.2 million during the first half of 2009 from $37.7 million in the same period last year, the Philippine Star reported.
Revenue from port operations decreased 17 percent from $227.2 million to $188.8 million while earnings before interests, taxes, depreciation and amortization (EBITDA) declined 19 percent to $19.9 million.
Excluding the effect of one-time charges associated with debt refinancing, the first half would have been $25.8 million, a 32 percent decrease, and second quarter earnings at $14.8 million or 19 percent lower.
During the second quarter of 2009, ICTSI’s net income was down 33 percent to $12.2 million as against $18.2 million last year. Revenues during the April to June period decreased 18 percent to $96 million while EBITDA was 19 percent lower at $41.5 million.
ICTSI attributed the lower net income to lower volume brought about by the decline in global trade, higher interest and financing charges, and the depreciation of currencies in the countries where ICTSI’s ports are relocated relative to the US dollar in the second quarter.
Revenue from port operations decreased 17 percent from $227.2 million to $188.8 million while earnings before interests, taxes, depreciation and amortization (EBITDA) declined 19 percent to $19.9 million.
Excluding the effect of one-time charges associated with debt refinancing, the first half would have been $25.8 million, a 32 percent decrease, and second quarter earnings at $14.8 million or 19 percent lower.
During the second quarter of 2009, ICTSI’s net income was down 33 percent to $12.2 million as against $18.2 million last year. Revenues during the April to June period decreased 18 percent to $96 million while EBITDA was 19 percent lower at $41.5 million.
ICTSI attributed the lower net income to lower volume brought about by the decline in global trade, higher interest and financing charges, and the depreciation of currencies in the countries where ICTSI’s ports are relocated relative to the US dollar in the second quarter.