ICTSI Reveals Income Spike in Q3 Report
International Container Terminal Services, Inc. (ICTSI), in its latest interim report, has revealed that its total revenue for the first three quarters of 2018 is up by 10% from January to September 2017.
In addition to this, ICTSI’s earnings before interest, taxes, depreciation and amortization (EBITDA), between Q1 and Q3 2018, amounted to USD $462.1 million, a 6% increase compared to the same period of the previous year.
ICTSI’s net income in the first three quarters, a total of $153.3 million, is also up by 3% compared to 2017, which the company attributes to strong operating income from its organic terminals.
Another possible reason for the increase in income, according to ICTSI, is the decrease of the company’s share in the net loss at Sociedad Puerto Industrial Aguadulce S.A. (SPIA), a joint venture container terminal project with PSA International.
Jupiter Kalambakal, of ICTSI, discusses the Manila Terminal in a recent Port Technology technical paper
However, the increase in income between 2017 and 2018 was tapered by the dragging impact of new terminals, as well as a $7.5 million non-recurring gain on the termination of a sub-concession agreement in Nigeria.
In terms of its overall container throughput during the first three quarters of 2018, ICTSI handled a consolidated volume of over 7 million TEU between January and September, a 5% increase from 2017.
The increase in volume was primarily caused by an improvement in trade activity at most of the terminal operator’s terminal locations, as well as the contribution of new terminals in Lae and Motukea, Papua New Guinea, and Melbourne, Australia.