MANILA, Philippines–Enrique Razon Jr.-led International Container Terminal Services Inc. (ICTSI) said net income during the nine months through September rose 5 percent to $135.7 million as volume increased, a stock exchange filing on Thursday showed.
The company said that revenue from port operations hit $779.2 million, up 25 percent. It noted gains were partially offset by increased depreciation charges and higher levels of interest expense driven by the commencement of commercial operations at Manzanillo, Mexico (CMSA) and Puerto Cortes, Honduras (OPC).
In addition, net income for the first nine months of 2014 was positively impacted by the sale of a non-operating subsidiary in Cebu, Philippines, valued at $13.2 million, the termination of the management contract in Kattupalli, India ($1.9 million), and the restructuring of the company’s operations in Yantai, China ($31.8 million).
These gains were reduced by a one-time, non-cash charge of $38.1 million arising from the writedown of intangible assets at the company’s terminal in Buenos Aires, Argentina.–Miguel R. Camus