Port operator International Container Terminal Services (ICTSI) suffered a 15 percent drop in its net income to US$54.9 million in 2009 from $64.2 million in 2008 due to lower volumes and higher interest and depreciation expenses, the Philippine Star reported.

The company said capital expenditures in 2010 is estimated at $123 million mainly for civil works, systems improvement, and purchase of major cargo handling equipment at its port operations in Manila (MICT), Brazil (TSSA), Ecuador (CGSA) and Madagascar (MICTSL).