ICTSI’s first quarter results hit by COVID-19 impact

The impact of COVID-19 has been reflected in International Container Terminal Services Inc. (ICTSI) results for the first quarter of 2020 as net income drops 18% to US$59.6m.

In addition to COVID-19 related expenses, a lower operating income and an increase in interest on concession rights contributed to the disparity between the US$72.4m recorded in the same period last year.

Enrique K. Razon Jr., ICTSI chairman and president, said: “For many people around the world, livelihoods have been severely impacted by the outbreak of COVID-19.