In a disclosure to the Philippine Stock Exchange, ICTSI said that, excluding non-recurring gains and charges, recurring net income in 2019 was 23 percent higher at US$259.1 million compared to the US$210.5 million earned the previous year.
ICTSI Chairman Enrique K. Razon, Jr. explained that, “owing to the one-off non-cash impairment of the concession right assets of Tecplata S.A which we re-valued in light of prolonged difficult economic conditions in Argentina, net income fell.” The Group’s capital expenditure budget for 2020 is approximately US$270 million. The estimated capital expenditure budget will be utilized mainly for the ongoing expansion projects at Manila International Container Terminal and CMSA in Mexico; yard expansion at IDRC in Democratic Republic of Congo; equipment acquisitions and upgrades; and for maintenance requirements.
The increase in volume was mainly due to continuing ramp-up at ICTSI’s new terminals in Lae and Motukea in Papua New Guinea and the contribution of the new terminal in Rio de Janeiro in Brazil.
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