International Container Terminal Services (ICTSI) has reported that an increase in container handling has allowed it to reach a consolidated volume of 6,836,611 TEU in the first nine months of 2017 — 6% more than 2016.
The port management company in the Philippines attributed the improvements in performance to global trade activities in emerging markets after it found new opportunities to operate terminals in Basra, Iraq; Manzanillo, Mexico; Matadi, Democratic Republic of Congo; and Melbourne, Australia.
A 10% rise in revenue on last year’s results for port operations meant that ICTSI reached US$918.3 million in revenue for the first nine months of 2017.
It also documented a net income attributable to equity holders of US$149.3 million, up 5% from the $141.9 million earned in the same period last year.
ICTSI said that these improvements had come from a “continuing ramp-up” at its new terminal in Matadi and strong operating income contributions from terminals in Iraq, Mexico, Honduras, Brazil and Madagascar.
There was also a one-time gain on the termination of the sub-concession agreement in Lagos, Nigeria.
- Iraq Terminal Expansion to Double TEU
- RTGs from Mitsui for $80 Million Upgrade
- MICT Boosts Results, Focuses on Operator Rewards
- Papua New Guinea Container Operations
- Inland Terminal Gears Up for Business
- Australia’s Automated Terminal
However, ICTSI added that net income was lowered by higher interest and financing charges, higher depreciation and amortization.
It also faced costs from the launch of its terminal in Melbourne, Australia, and incurred a net loss at Sociedad Puerto Industrial Aguadulce (SPIA), ICTSI’s joint venture container terminal project with PSA International (PSA) in Buenaventura, Colombia.
ICTSI stated that it had set aside $25.2 million in expenditure to fund the completion SPIA's first phase and to finance the start-up operations.
Jupiter Kalambakal has written a new technical paper in the latest edition of the PTI Journal, Mega-Ports & Mega-Terminals, in which he has detailed exactly how ICTSI's MICT has been able to achieve its record growth
These developments contributed towards an increase in ICTSI’s net loss, which went up from $4.7 million in the first three quarters of 2016 to US$25.6 million for the same period in 2017.
Going forward, ICTSI said it plans to distribute its budget towards its new terminals.
The projects include the first stage of development at Iraq, its greenfield plan for the DRC, the second stage of development in Australia, continuing development for container terminals in Mexico and Honduras, and capacity expansion in its terminal operations in Manila.