Published March 4, 2021, 4:20 PM
International Container Terminal Services, Inc. (ICTSI) reported a slight uptick in audited consolidated attributable net income to US$101.8 million last year, one percent higher than the US$100.4 million earned in 2019.
In a disclosure to the Philippine Stock Exchange, the firm said the growth in earnings is mainly because of higher revenues, lower cash operating expenses resulting from continuous group-wide cost reduction and optimization measures.
Revenue from port operations reached US$1.51 billion in 2020, two percent higher compared to the US$1.481 billion reported the previous year.
The firm said this is due to the positive contribution of a new terminal in Rio de Janeiro, Brazil, and lower equity in net loss of joint ventures; tapered by an increase in interest on concession rights payable recognized at the new terminal in Cameroon and the full year impact of the new terminal in Brazil; additional impairment charges
ICTSI 2020 Net Income Up 1% to US$101 8M; Recurring Net Income 9% Higher at $282 1M
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