Bilyonaryo Enrique Razon Jr. and four other highest paid executives of International Container Terminal Services Inc. (ICTSI) expect lower salaries and bonuses for this year.
The salaries and bonuses of Razon and four other highest paid executives of ICTSI will decrease significantly by 39.5 percent to $2.6 million this year from $4.3 million last year.
Salaries of the ICTSI chairman and president, executive vice president Martin O?neil, chief financial officer Rafael Consing Jr, senior vice president Christian Gonzalez, and senior vice president for finance Jose Joel Sebastian would be maintained at $500,000.
Meanwhile, their bonuses and other non-cash compensation including stock incentive plan paid out of the allocated treasury shares would decrease by 44.7 percent to $2.1 million from $3.8 million.
The port operator?s net income amounted to $69 million last year or $122.5 million lower compared with $191.5 million in 2014 due to the effect of one-time adjustments to carrying value of certain subsidiaries and nonrecurring charges.
Excluding the non-recurring earnings, the net income of ICTSI would have inched up by one percent to $172.6 million last year from $174.7 million in 2014.
The company reported that its gross revenues declined one percent to $1.05 billion from $1.06 billion due to unfavorable container volume mix, low storage revenues and ancillary services, and the negative foreign exchange translation impact.
ICTSI booked a five percent rise in handled consolidated volume to 7.77 million twenty-foot equivalent units (TEUs) from 7.44 million TEUs.
The company?s cash operating expenses declined five percent to $432.3 million from $454.5 million due to lower equipment and facilities-related expenses arising from lower global fuel prices as well as lower repair and maintenance costs.
