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Philexport, EDC seek suspension of cargo-handling rate hike, mandatory export container weighing
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Published May 7, 2021, 6:00 AM
International Container Terminal Services Inc. reported a 51 percent hike in unaudited consolidated attributable net income to US$90.1 million in the first quarter of 2021 from the US$59.6 million earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said the higher profit is primarily due to higher operating income; and significant reduction in equity in net loss of joint ventures; partially tapered by an increase in interest expense on loans, and higher interest on concession rights payable and lease liability from the new terminals.
“ICTSI has delivered strong operating performance in the first quarter of 2021, with volume, revenue and earnings rising across our three regions: Asia, the Americas, and Europe, Middle East, and Africa (EMEA) said ICTSI Chairman and President Enrique K. Razon Jr.
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