Container Terminal Services Inc. (ICTSI) of ports tycoon Enrique Razon on Tuesday said its net income dropped 13 percent in the first six months of the year on lower revenues and increased costs related to new projects and terminals.

In a statement, ICTSI said net income attributable to equity holders reached $87.3 million in January-June 2016, down 13 percent from the $100.4 million recorded during the same period a year ago.

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