ICTSI port revenues up nine per cent

Port operations revenue has increased nine per cent for International Container Terminal Services (ICTSI) as part of its unaudited consolidated financial results for the quarter ended March 31, 2018.

Revenue increased to US$325.4 million, up from US$297.2 million for the same period last year.

The increase was mainly due to volume growth, tariff rate adjustments at certain terminals, new contracts with shipping lines and services, increased storage and ancillary services, and the contribution from the company’s new terminals in Australia and Papua New Guinea. 

Earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$147.8 million was one per cent higher than the first quarter of 2017; and net income attributable to equity holders was US$44.1 million, 15 per cent less than last year “due to drag from the new terminals”. 

ICTSI handled a two per cent increase in the consolidated volume of 2,325,540 TEU for the quarter. 

The increase in volume was primarily due to improvements in Iraq, Democratic Republic of Congo (IDRC), contributions from Victoria International Container Terminal and South Pacific International Container Terminal Limited, and new terminals at Melbourne, Australia and Lae, Papua New Guinea.

Volumes declined at Guayaquil, Ecuador and Karachi, Pakistan.

Excluding the new terminals, consolidated gross revenues increased by six per cent.

Capital expenditures excluding capitalised borrowing costs for the first quarter amounted to US$68 million, about 18 per cent of the US$380 million capital expenditures budget for 2018. 

The budget has been allocated for capacity expansion in Manila, Mexico and Iraq, continuing rehabilitation and development in Honduras, procurement of equipment and minor works in Papua New Guinea, and the completion of its new barge terminal project in Cavite City, Philippines. 

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