SIMIC

The company attributed the drop in net profit to lower operating income, increase in interest on concession rights payable and COVID-19 related expenses.

Gross revenues from port operations for the quarter-ended March 31, 2020, decreased by two per cent to $375.8 million from the $383.8 million reported in the same period in 2019 because of the decline in trade activities due to the impact of Covid-19 pandemic and lockdown restrictions.

In addition there was lower revenues from storage; partially tapered by the contribution of the new terminal in Rio de Janeiro, Brazil; tariff adjustments and new services at certain terminals. "Excluding the contribution of ICTSI Rio, consolidated organic gross revenues would have decreased by five per cent in the first quarter of 2020," the company said.

ICTSI handled a total 2.51 million TEU for the quarter, one per cent more than the 2.48 million TEU handled in the same period in 2019. But, if the contribution of ICTSI Rio was excluded, the throughput would have decreased by one per cent in the first quarter of 2020.

Commenting on the results, ICTSI chairman and president Enrique K Razon Jr, said the pandemic was having, and will continue to have, devastating effects on our societies and it will take a significant amount of combined effort from organisations, governments and individuals to bring back some degree of normality.

"The effect of the virus was felt in the latter part of the first quarter, and our volumes compared to the previous year were largely flat. Regions are at different stages of the viral outbreak, which is reflected in our portfolio performance: Asia delivered lower volumes compared to the previous year while the EMEA and Americas segments both still registered positive volume growth for the quarter. However, the latter two regions showed signs of weakness in March."