ICTSI sees lower profit on container volume decline
Philippines-headquartered terminal company International Container Terminal Services, Inc. said it had profit of $12.2 million in the second quarter, down 33 percent from the same 2008 period.
It said revenue was down 18 percent to $96 million.
The company said the lower net income attributable to equity holders was mainly due to lower volume brought about by the decline in global trade, higher interest and financing charges, and the depreciation of currencies in the countries where ICTSI's ports are located, such as the Philippine peso, Brazilian reais and Euro, relative to the U.S. dollar in the second quarter.
It said excluding the after-tax effect of one-time charges associated with debt refinancing, second quarter net income attributable to equity holders would have been $14.8 million, a 19 percent decrease over the same period in 2008.
ICTSI's second quarter throughput was 9 percent lower at 834,188 TEUs compared to the 913,718 TEUs in the same period in 2008.
Volume from the company's container terminal operations in Asia increased 1 percent to 533,303 TEUs compared to the second quarter 2008. ICTSI's container terminal operations in Asia, comprised of the terminals in the Philippines, Indonesia, Japan and China, accounted for 64 percent of consolidated volumes in the second quarter of 2009.
The company's container terminal operations in the Americas, comprised of Brazil and Ecuador operations, was 2 percent lower compared to the 206,268 TEUs handled in the same period in 2008.
Container terminal operations in Europe, Middle East and Africa, comprised of terminals in Poland, Madagascar, Syria and Georgia, handled 98,670 TEUs, 44 percent lower than in the same period in 2008.