MANILA, Philippines - Port operator International Container Terminal Services Inc. (ICTSI) announced Monday that it has obtained a $100-million loan facility from Sy-led Banco de Oro Unibank Inc.

ICTSI told the Philippine Stock Exchange that proceeds from the 5-year loan facility will be used for refinancing and general corporate requirements.

Early this month, ICTSI won a 34-year contract to manage a second container terminal in Manzanillo, Mexico's top port. The company beat Spanish, Chilean, and Mexican investors for the $771-million contract.

ICTSI reported lower earnings for the third quarter of the year as the economic crisis continues to hurt global trade. The company said its net income attributable to shareholders dropped 5% to $14 million during the period from last year's $14.7 million.

This brought the port operator's net income for the first 9 months of the year to $37.2 million, a 29% drop from the $52.4 million recorded in the same period in 2008.

Revenues from port operations, meanwhile, plunged 12% and 15% during the quarter and the 9-month period, respectively.