ICTSI’s Net Income Edges Up

Philippine terminal operator International Container Terminal Services (ICTSI) saw a 5 percent rise in net income reported for the first nine months of the year.

Net income attributable to equity holders stood at USD 149.3 million, against USD 141.9 million earned in the same period last year.

The increase was ascribed to the continuing ramp-up at the new terminal in Matadi, Democratic Republic of Congo (DRC), along with strong operating income contribution from the terminals in Iraq, Mexico, Honduras, Brazil and Madagascar, and the one-time gain on the termination of the sub-concession agreement in Lagos, Nigeria.

Excluding the one-time gain, consolidated net income attributable to equity holders would have been flat in the first nine months of 2017.

The increase in net income was tapered by higher interest and financing charges, higher depreciation and amortization, start-up costs at the company’s terminal in Melbourne Australia and increase in the company’s share in the net loss at Sociedad Puerto Industrial Aguadulce S.A.

Start-up costs of the company’s joint venture container terminal project with PSA International Pte in Buenaventura, Colombia, which increased from USD 4.7 million in the first three quarters of 2016 to USD 25.6 million for the same period in 2017 as the company started full commercial operations at the beginning of the year hampered further net income growth as well.

Revenue from port operations came at USD 918.3 million, an increase of 10 percent over the USD 835 million reported for the first nine months of 2016.

ICTSI handled a consolidated volume of 6,836,611 TEU in the first nine months of 2017, six percent more than 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.

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