International Container Terminal Services Inc. (ICTSI) registered a 51-percent increase in profit in the first quarter of the year to $90.1 million from $59.6 million in the same period last year.
Revenues reached $435.6 million, up 16 percent from $375.8 million last year.
“ICTSI has delivered strong operating performance in the first quarter of 2021, with volume, revenue and earnings rising across our three regions: Asia, the Americas, and Europe, Middle East, and Africa (EMEA). We have seen improvements in most of our terminals as economies continue to recover from the pandemic as well as significant contributions from new shipping lines and services. The pandemic remains extremely challenging for so many people around the globe,” said Enrique Razon Jr., ICTSI chairman.
Razon said ICTSI posted an equity in net gain of joint ventures of $42,000 for the period compared to the $5.5 million equity in net loss in 2020 due to the company’s higher share in net earnings in Manila North Harbour Port Inc. (MNHPI) as a result mainly of the impact of Corporate Recovery and Tax Incentives for Enterprises (CREATE) on the deferred tax liabilities associated to the acquisition of MNHPI; and the company’s lower share in net loss at Sociedad Puerto Industrial Aguadulce S.A. (SPIA), its joint venture container terminal project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia.
ICTSI handled 2.71 million twenty-foot equivalent units (TEUs) for the period, up 8 percent from the 2.51 million TEUs handled in 2020, attributed to improvement in trade activities as economies recover from the impact of the pandemic and new shipping lines and services at the company’s operations overseas.
ICTSI said the increase in revenues was mainly due to “volume growth, favorable container mix, tariff adjustments at certain terminals, new contracts with shipping lines and services, and increased storage and ancillary services particularly in the Americas segment.”
“The increase was partially tapered by decline in trade activities at certain terminals primarily due to the impact of COVID-19 pandemic,” it added.
