ICTSI’s Gains Increase with More Volumes

Image Courtesy: ICTSI

Manila-based International Container Terminal Services, Inc. (ICTSI) has reported a rise in its earnings, as well as an increase in volumes in the first half of the year.

The company said that net income attributable to equity holders was at USD 103.6 million, up 19 percent from the USD 87.3 million earned in the same period last year due to the continuing ramp-up at the new terminal in Matadi, Democratic Republic of Congo (DRC), strong operating income contribution from the terminals in Iraq, Mexico and Brazil, and the one-time gain on the termination of the sub-concession agreement in Nigeria.

For the first half of 2017, the company’s revenue from port operations was at USD 603.7 million, representing an increase of 10 percent over the USD 550.8 million reported for the first six months of 2016.

ICTSI handled consolidated volume of 4.54 million TEUs in the first six months of 2017, seven percent more than the 4.26 million TEUs handled in the same period in 2016.

The increase in volume was primarily due to continuing improvement in global trade activities particularly in the emerging markets, continuing ramp-up at ICTSI’s operations in Basra, Iraq, new services at Manzanillo, Mexico and the new terminals in Matadi, DRC and Melbourne, Australia.

Excluding the new terminals, consolidated volume increased by five percent. For the quarter ended June 30, 2017, total consolidated throughput was three percent higher.

ICTSI’s revenue from port operations increased by eight percent from USD 284.3 million to USD 306.5 million in the second quarter of the year, while its net income attributable to equity holders was up 15 percent from USD 45.1 million to USD 51.9 million for the three-month period ended June 30, 2017.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

Maritime Reconnaissance and Surveillance Technology

Over the past few years, maritime intelligence gathering and ISR capabilities have returned to the forefront of the defence industry…

read more >

BWMTech

Clarify regulations. Plan BWMS integration. Prevent operational failure…

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >