International Container Terminal Services Inc.’s (ICTSI) revenue from port operations reached US$1.244 billion, the released audited consolidated financial results state.
For the year ending December 31, 2017 revenues were 10% higher than 2016’s $1.128 billion, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) 10% higher at $578 million, and net income attributable to equity holders up 1% at $182.1 million.
Fully diluted earnings per share for the year went up six from $0.065 to $0.069.
ICTSI attribute their increase in net income to ramping-up operations at its new terminal in Matadi, Democratic Republic of the Congo, strong performance from worldwide terminals in Iraq, Mexico, Honduras, Madagascar, China, Poland and Brazil, and the gains from the termination of the sub-concession agreement in Lagos, Nigeria.
Read the “Manila International Container Terminal: Implementing the Terminal Appointment Booking System (TABS)” technical paper for more information on ICTSI's key operations
The net-income increases were, however, reduced by higher interest and financing chargers, higher depreciation and amortization expenses, and start-up costs tied to the company’s terminal in Melbourne, Australia.
An increase in the company’s share in the net loss at Sociedad Puerto Industrial Aguaducle S.A. (SPIA), its joint venture container terminal project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia – which jumped to $36.7 million in 2017 from $5.6 million – also contributed to the tapering increases.
The ICTSI handled a consolidated volume of 9,153,458 TEU in 2017, a 5% increase from volume handled in 2016 – attributed to continually expanding global activities in emerging markets, and the contribution of the new terminals in Matda, DRC and Melbourne, Australia.
The groups consolidated cash operating expenses jumped 13% to $475.9 million, and capital expenditures amounted to $174.8 million – approximately 27% under the $240 million capital expenditure budget for 2017.
The newly formed budget for 2018 is set at approximately $380 million, allocated mainly for capacity expansion in terminal operations in Manila, Mexico and Iraq, continued development of container terminals in Honduras, and the completion of a new barge terminal project in Cavite City, Philippines.