ICTSI posts 42% jump in H1 earnings
Global port operator International Container Terminal Services Inc. delivered solid results in the first six months with earnings surging to $128.5 million on higher volumes.
ICTSI attributed the increase in income to improved contributions from its terminals in Iraq, Australia, Democratic Republic of Congo and Subic as well as the continuing ramp-up at new terminals in Papua New Guinea.
The decrease in equity in net loss at Sociedad Puerto Industrial Aguadulce S.A., its joint venture with PSA International Pte Ltd. in Buenaventura, Colombia also contributed to higher earnings.
Revenue from port operations rose 14% to $751.8 million while EBITDA grew 19% to $424.4 million.
ICTSI handled consolidated volume of 5.04 million twenty-foot equivalent units, up 7% due to continuing ramp-up at ICTSI’s operations in Melbourne, Australia and Manzanillo, Mexico.
Enrique K. Razon,Jr., president and chairman of ICTSI remains confident about its prospects in the second half.
“ICTSI’s performance in the first half of 2019 has been very positive. The group’s focus on generating high quality earnings from our ports, ramping up activities at our newer terminals and strong cost control has enabled us to continue to deliver on our strategic objectives.
While the business remains relatively unscathed by current geopolitical headwinds, we remain vigilant and continue to monitor the situation closely,” Razon said.
ICTSI operates in 19 countries across six continents and continues to pursue container terminal opportunities around the world.