ICTSI first quarter profit down 44%
Container terminal operator International Container Terminal Services Inc. on Friday said its first quarter profits sank 44 percent to $11 million.
Manila-based ICTSI also saw its revenue shrink 16 percent to $92.8 million for the first three months of 2009.
'The lower net income attributable to equity holders was mainly due to lower volume brought about by the decline in global trade and the depreciation of currencies in the countries where ICTSI's ports are located (Philippine peso, Brazilian reais, euro) relative to the U.S. dollar in the first quarter,' the company said in a statement.
Volume handled at ICTSI's global terminals fell 10 percent to 755,958 TEUs. About two-thirds of the company's volume comes from terminals in Asia, including its flagship facility in Manila, and smaller terminals in the Philippines, Indonesia and China.
Volume at ICTSI's terminals in Eastern Europe, Africa and the Middle East fell 37 percent to 143,700 TEUs.
ICTSI first quarter profit down 44%
