ICTSI: volumes up in Q1/2020
The outbreak of the pandemic also affected the results of Q1/2020 of terminal and port operator ICTSI. Enrique K. Razon Jr., ICTSI chairman and president, spoke of "devastating effects on our societies" and a necessary "significant amount of combined effort from organisations, governments and individuals to bring back some degree of normality."
Altogether, ICTSI handled consolidated volume of slightly more than 2.5 million teu for the quarter ending 31 March 2020, 1% more than the 2.48 million teu handled in the same period in 2019. Excluding the contribution of the new terminal in Rio de Janeiro in Brazil, consolidated organic volume would have decreased by 1% in Q1/2020.
Unaudited consolidated financial results for Q1/2020 post a USD 375.8 million revenue from port operations, down of 2% from the USD 383.8 million reported for the same period last year.
Ebitda was at USD 212.2 million, 5% lower than the USD 222.5 million generated in Q1/2019. Net income amounted to USD 59.6 million, 18% less than the USD 72.4 million earned in the same period last year. (mw)