Net income attributable to equity holders dropped by 44% to US$11m, from US$19.51m for the same period last year, mainly through lower volumes due to declining global trade and the depreciation of currencies, relative to the US$, in the Philippine, Brazil and the Euro-zone.
Enrique Razon Jr., ICTSI chairman and president commented: “In spite of the worst downturn in global trade since 1945, ICTSI has delivered better than expected first quarter results. The negative impact of a decline in container handling volumes was mitigated by the success of our efforts to reduce operating costs. This has enabled us to maintain our operating margins at lower levels of throughput”.
“The first quarter is traditionally the weakest and we will continue to focus on improving our operating efficiency so that we are well positioned to capitalise on any upturn in volumes.”