ICTSI throughput down 5% in H1 2020

News 8 Aug 2020 by WCN Editorial

In Q2, ended June 30, total consolidated throughput was 11% lower at 2.291M TEU compared to 2.563M TEU in 2019

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In H1, throughput decreased 5% to 4.8M TEU. Revenues dropped 4% to US$724.3M and EBITDA declined 2% to US$416.4M. Excluding the contribution of the new terminal in Rio de Janeiro, Brazil, ICTSI Rio, consolidated organic volume would have decreased 6% in H1 2020.

In Q2 ended June 30, 2020, total consolidated throughput was 11% lower at 2,290,779 TEU compared to 2,563,244 TEU in 2019, mirroring the spread of CV-19 beyond China.

The diversified portfolio and cost measures cushioned the impact of COVID-19, says ICTSI. Enrique K. Razon Jr, ICTSI Chairman and President, said: “Our primary focus and central to our decision-making since the start of the COVID-19 outbreak has been, and remains, the safety and wellbeing of our employees, customers, and our stakeholders.

“We took immediate action to preserve cash and reduced our capital expenditure in what has been a period of significantly reduced economic and international trade activity, brought about by protracted lockdown periods for many countries around the world.

“These prudent measures taken early on, our diversified portfolio and maintaining a very high level of service to our clients has helped cushion the impact from the pandemic and generated a resilient and better than expected performance.

“COVID-19 is now the major challenge for most businesses globally and we expect the second half of the year will continue to be challenging and marked with uncertainties. However, ICTSI is well-positioned to navigate through these uncertain times, underpinned by our 32 terminals diversely located around the world, the resilience of our business model, agility and a strong capital structure.”