International Container Terminal Services (ICTSI) said Tuesday that net profit slipped 3% to $46.4 million for the second quarter of 2016 as expenses related to Argentine operations offset improved revenue.
The Philippine company, which runs around 30 midsize ports worldwide, did not elaborate on the situation at its TecPlata port in Buenos Aires. Business News Americas reported in March that TecPlata “has yet to secure shipping contracts since being inaugurated in July 2015.”
ICTSI President Enrique Razon said early this year that the company may be forced to reduce personnel at nonperforming ports.