ICTSI more than triples FY profit to $180M

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Sets $240M capex for 2017

INTERNATIONAL Container Terminal Services Inc. (ICTSI) more than tripled its net income in 2016 to $180 million from $58.5 million in 2015 on improved revenues from port operations and one-off items.

In a statement on Monday, ICTSI said that in 2016, it recognized a non-recurring charge of $23.4 million on the
pre-termination of the lease agreement at ICTSI Oregon, Inc., the company’s terminal in Oregon, USA while one-off gains recognized in 2015 amounted to $114.9 million.

“Excluding these non-recurring items, recurring net income would have increased 18 percent to $203.4 million from $172.8 million in 2015,” it said.

Consolidated revenues rose 7 percent to $1.13 billion on the back of improved throughputs and tariff rates.
Consolidated throughput volume rose 12 percent to 8.69 million twenty-foot equivalent units (TEUs) in 2016 from 7.77 million TEUs handled the previous year.

ICTSI said the improved volumes were attributed to the ramp up in its terminals in Iraq, Madagascar and the Philippines, as well as the contributions from its new shipping lines and services in Mexican, Ecuadorian and Indonesian terminals.

For the fourth quarter alone, ICTSI posted 13 percent jump in consolidated revenues to $293.4 million, while total throughput volumes jumped 12 percent to 2.25 million TEUs.

The company has set aside a $240-million (P12 billion) spending budget for 2017 to finance the initial development of greenfield projects in Congo and Iraq, and expansion of terminals in Australia, Mexico, Honduras, and Manila.

ICTSI said it programmed $25 million capital contribution this year for the initial phase of its joint venture in Buenaventura, Columbia to develop a container terminal.

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