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            april 22, 2019

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Manila's ICTSI's Q3 profit up 22pc


Manila's International Container Terminal Services Inc (ICTSI) third quarter net profit increased 22 per cent to US$45.7 million million, drawn on revenues of $1 billion, up 10 per cent year on year, according to Shipping Gazette.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased six per cent in the third quarter to $462.1 million year on year.
Profit was attributed to organic terminal growth, a decrease in the company's share in the net loss at Sociedad Puerto Industrial Aguadulce SA (SPIA), its joint venture container terminal project with PSA International in Buenaventura, Colombia, which decreased from $25.6 million in the first nine months of 2017 to US$23.3 million for the same period in 2018 as the company continued to ramp-up container volume.
Also contributing was a US$2.8 million non-recurring gain from the pre-termination of interest rate swap related to the pre-payment of the project finance loan at its terminal in Manzanillo, Mexico in May.
The increase was tapered by the drag from the new terminals and a US$7.5 million non-recurring gain on the termination of the sub-concession agreement in Nigeria in the second quarter of 2017.
For the quarter, revenue from port operations increased nine per cent from US$314.6 million to US$344 million; EBITDA was 12 per cent higher at US$162.6 million from US$145.1 million.
ICTSI handled consolidated volume of 7,152,392 TEU in the first nine months of 2018, up five per cent on 2017. The increase in volume was due to improvement in trade at most of the company's terminals, and contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia. Excluding the new terminals, consolidated volume would have increased by two per cent.

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