ICTSI’s Profit Rises on Stronger Volume
- Business & Finance
Philippine terminal operator International Container Terminal Services (ICTSI) witnessed a rise in its earnings supported by an improvement in volumes in the peeriod ended September 30, 2018.
For the third quarter of the year, revenue from port operations increased nine percent from USD 314.6 million to USD 344 million, while net income surged by 22 percent from USD 45.7 million to USD 55.6 million.
For the first nine months of 2018, the company’s revenue from port operations was at USD 1 billion, increasing by 10 percent over the USD 918.3 million reported in the same period in 2017.
Net income reached USD 153.3 million, rising by three percent compared to the USD 149.3 million earned in the same period last year mainly due to strong operating income from organic terminals.
The increase was tapered by the drag from new terminals and a USD 7.5 million non-recurring gain on the termination of the sub-concession agreement in Nigeria in the second quarter of 2017.
For the quarter ended September 30, 2018, total throughput was six percent higher at 2.43 million TEUs compared to 2.29 million TEUs in 2017.
ICTSI handled consolidated volume of 7.15 million TEUs in the first nine months of 2018, five percent more than the 6.83 million TEUs reported in the same period in 2017. The increase in volume was primarily due to improvement in trade activities at most of the company’s terminal locations and the contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia.