International Container Terminal Services Inc. (ICTSI) experienced an increase in its net income of 51% year-on-year (YoY) in Q1 2021, with earnings increasing across its three major regions.
In a statement, the terminal operator said it saw spikes in traffic in Asia, the Americas and Europe, the Middle East and Africa (EMEA).
Enrique K. Razon, Chairman and President, ICTSI, said the terminal operator had delivered “strong operating performance” in Q1 2021 and been able to make strong improvements to its terminals, despite the effects of the COVID-19 pandemic.
“The pandemic remains extremely challenging for so many people around the globe. At ICTSI we are proud of our role in working with the government and the private sector in driving the vaccination procurement programme in the Philippines,” Razon said.
“Not only will this combined effort save lives, it will also contribute to the full opening of the Philippine economy and support significant recovery across all business sectors.”
The terminal operator’s revenues reached $435.6 million, an increase of 16% YoY. Its earnings before interest taxes, depreciation and amortisation (EBITDA) was $264.8 million, a jump of 25% YoY.
It handled 2,707,791 TEU in Q1, an increase of 8% YoY, which it attributed to improved trade activities and a general economic recovery from the pandemic.
Gross revenues from port operations increased by 16% to $435.6 million mainly due to high volume growth, new contracts with major shipping lines and increased storage services in its American terminals.