ICTSI 9-mth income up 5% at $149.3M

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LISTED port operator International Container Terminal Services Inc. (ICTSI) said net income attributable to equity holders increased by five percent to $149.3 million in the first nine months of 2017 from $141.9 million a year ago.

In a disclosure to the Philippine Stock Exchange on Wednesday, ICTSI said the increase was “due to the continuing ramp-up at the new terminal in Matadi, Democratic Republic of Congo; 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.”

The port operator said the hike in net income was tapered by higher interest and financing charges, higher depreciation and amortization, start-up costs at ICTSI’s terminal in Melbourne Australia, and the increase of the company’s share in the net loss at Sociedad Puerto Industrial Aguadulce S.A., its joint venture project with PSA International Pte Ltd. in Buenaventura, Colombia.

“Excluding the one-time gain on the termination of the sub-concession agreement in Nigeria, consolidated net income attributable to equitable holders would have been flat in the first nine months of 2017,” it said.

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Revenue from port operations increased 11 percent to $314.6 million from $284.2 million previously.

ICTSI handled a consolidated volume of 6.84 million twenty-foot equivalent units (TEUs) in the first nine months of 2017, six percent more than the 6.43 million TEUs handled in the same period of the previous year.

“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 contribution of new terminals in Matadi, DRC and Melbourne, Australia,” ICTSI said.

“Excluding the new terminals, consolidated volume would have increased by five percent,” it added.

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