The small increase in volume was primarily due to the contribution of a new terminal in Brazil’s Rio de Janeiro and new services at certain terminals, tapered by a decline in trade activities due to the impact of COVID-19 on global trade.
“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,” commented Enrique K. Razon Jr., ICTSI chairman and president.
“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,” he said.
Manila-headquartered ICTSI said it took immediate actions during the first quarter to respond to COVID-19.
“We have taken significant measures, which include reducing our cost base and capital expenditure while seeking ways to increase our market share in certain markets. We continue to monitor the situation carefully so we can adapt our responses,” he added.
In financial results, ICTSI reported a 18% drop in profit for the first quarter compared to year-ago level due to the impact of COVID-19.
The first quarter profit came up to $59.6m compared to $72.4m in the same period of 2019, while revenue remained largely stable at $375.8m, down just 2% year-on-year.
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