Argentina and Indonesia write-offs hit ICTSI results

Non-recurring charges totalling US$116.2m, due to significant write-offs in Argentina and Indonesia, hit 2015 results for International Container Terminal Services, Inc. (ICTSI), with net income crashing down 68% to US$58.5m.

However, excluding these one-time charges, recurring net income would have increased 1% to US$174.7m.

The terminal operator handled container volumes of 7.8m teu in 2015, a 5% increase over the previous year, although its revenue slipped 1% to US$1.05bn.