ICTSI earnings drop to $100.4M in H1

International Container Terminal Services, Inc. (ICTSI), the flagship port operator of tycoon Enrique Razon Jr., said earnings slipped in the first half of 2015 due to the absence of non-recurring gains booked in the same period last year.

In a stock exchange filing Monday, ICTSI said net income was down 1 percent to $100.4 million, even as revenues from port operations rose 8 percent to $552.1 million.

ICTSI said in the first half of 2014, it recognized gains on the sale of a non-operating subsidiary in Cebu, Philippines, the termination of management contract in Kattupalli, India, and the settlement of the insurance claims in Guayaquil, Ecuador amounting to $13.2 million, US$1.9 million and US$1.5 million, respectively.

“Excluding these one-time gains and charges, recurring net income surged 20 percent in the first half of 2015,” ICTSI said in the filing.

ICTSI handled consolidated volume of 3.89 million twenty-foot equivalent units (TEUs) in the first six months of 2015, 9 percent over the same period last year.