International Container Terminal Services Inc’s (ICTSI) net income fell by more than a fourth in the third quarter mostly because of higher operating expenses at its new terminals.
In a disclosure to the Philippine Stock Exchange, the Enrique Razon-led port operator said its profit went down by 26 percent to $34.1 million in the July to September period from $45.9 million in the same three months of last year.
ICTSI blamed the decline on start up costs and consolidation of the operating expenses of the new terminals.
