ICTSI Net Income Rises 19%

By Aiswarya Lakshmi August 8, 2017

Manila-based global container terminal operator International Container Terminal Services, Inc. (ICTSI) reported unaudited consolidated financial results for the first half of 2017 posting revenue from port operations of US$603.7 million, an increase of 10 percent over the US$550.8 million reported for the first six months of 2016.

The net income attributable to equity holders of US$103.6 million, up 19 percent from the US$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 quarter ended June 30, 2017, revenue from port operations increased eight percent from US$284.3 million to US$306.5 million.

ICTSI handled consolidated volume of 4,545,405 twenty-foot equivalent units (TEUs) in the first six months of 2017, seven percent more than the 4,264,633 TEUs handled in the same period in 2016.

Gross revenues from port operations for the first half of 2017 increased 10 percent to US$603.7 million from the US$550.8 million reported in the same period in 2016.