International Container Terminal Services, Inc. (ICTSI) earnings fell 15% on the first three months of 2018 at US$44.1 million from US$51.7 million in the same period the previous year.
“[ICTSI] operates in a number of jurisdictions other than the Philippines and collects revenues in various currencies. Continued appreciation of the US dollar relative to other major currencies, particularly the Philippine peso, Brazilian Reais, Mexican peso and the Euro, may have a negative impact on the Group’s reported levels of revenues and profits,” the Razon-led company said in regulatory filing released on Wednesday, May 9.
ICTSI opened new terminals in Melbourne, Australia and Motukea Island, Papua New Guinea. These also pumped up the company’s cash operating expenses to US$129.1 million, 24% more than US$103.9 million in 2017. — Denise A. Valdez