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            november 13, 2019

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CIBE 2019

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ICTSI net profit soars 77pc


MANILA's International Container Services International's (ICTSI) first quarter net profit increased 77 per cent to US$72.4 million, drawn on revenues of $383.8 million, up 18 per cent.
The increase in revenues was mainly due to volume growth, the company said, as well as tariff adjustments at certain terminals, new contracts with shipping lines and services.
Revenue increases also came from from non-contanerised cargo, storage and ancillary services and the contribution from the company's new terminals in Lae and Motukea in Papua New Guinea, an ICTSI statement said.
Improvements in operations were also made at ICTSI's joint venture box terminal in Buenaventura, Colombia, which recorded a net loss of $6.3 million. That was lower than the $8.9 million of losses recorded in Q1 2018.
Said ICTSI chairman and president Enrique Razon: "ICTSI has continued to grow and delivered a strong first quarter financial performance?while we remain very mindful of the economic backdrop, we remain confident about the future prospects of the business as we build on this positive momentum."
The solid first quarter for ICTSI follows-on from an also-solid 2018 calendar year. In 2018, the group recorded consolidated box volumes of 9.8 million TEU, up by six per cent from 2017. It generated revenues of $1.4 billion in 2018, up seven per cent from 2017. The group also generated a net income of $249.8 million in 2018, up 20 per cent from the previous year.

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