International Container Terminal Services Inc. (ICTSI) yesterday reported a $250-million net income in the first nine months of the year, 25 percent higher than last year’s net income of $163.8 million.
Net income attributable to equity holders of $184.9 million grew by 29 percent from $142.9 million earned in the same period last year, due to strong operating income contribution from the terminals in Democratic Republic of Congo, Iraq, Mexico, and Manila and Subic in the Philippines, ICTSI said.
It also attributed the growth to the new contracts with shipping lines and services at Victoria International Container Terminal in Melbourne, Australia; continuing ramp-up at the new terminals in Papua New Guinea; and a decrease in equity in net loss at Sociedad Puerto Industrial Aguadulce S.A., its joint venture container terminal project with PSA International Pte Ltd. in Buenaventura, Colombia.
“ICTSI has continued to deliver strong financial performance driven by organic volume growth, diligent cost management, and the continued ramp up of newer terminals. Positive progress has been made across the business which in part has been enabled by the prudent investments we make in our brown field terminals,” Enrique Razon Jr., ICTSI chairman and president, said in a statement.
“While we remain conscious of the current geopolitical trade tensions, we are well-positioned to deliver value for all our stakeholders,” Razon added.
Revenue from port operation for the nine-month period grew 10 percent to $1.1 billion, from $1 billion in the same period in 2018. ICTSI’s earnings before interest, taxes, depreciation and amortization rose 14 percent to $624.3 million, from $546.4 million in the first three quarters of 2018.