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            september 21, 2019

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ICTSI H1 profit soars 42pc to US$128.5 million as sales rise 14pc


Manila's International Container Terminal Services Inc (ICTSI) first half profit soared 42 per cent year on year to US$128.5 million, drawn on revenues $751.8 million, up 14 per cent.
First half operating profit (EBITDA) increased 19 per cent year on year to $424.4 million.
"The group's focus on generating high quality earnings from our ports, ramping up activities at our newer terminals and strong cost control enabled us deliver on objectives," said ICTSI chairman and president Enrique Razon.
"Our business remains relatively unscathed by current geopolitical headwinds, but we remain vigilant and continue to monitor the situation closely. ICTSI is a robust business, strongly placed for the second half," said Mr Razon,
A big contributor was improved operating income contribution from the terminals in Iraq, Australia, Democratic Republic of Congo and Subic in the Philippines, said the company.
The increase was partially tapered by a non-recurring gain from the interest rate swap related to the pre-payment of the project finance loan at its terminal operations in Manzanillo, Mexico in 2018.
Excluding the non-recurring gain in 2018, consolidated net income attributable to equity holders would have increased by 47 per cent in 2019.
For the quarter ended June 30, revenue from port operations increased nine per cent from $336.4 million to $368.0 million; EBITDA was 13 per cent higher at $201.9 million from $178.5 million; and net profit was up 14 per cent year on year to $56.1 million.
ICTSI handled a total of 5,041,91 TEU in the first six months of 2019, up seven percent more than the 4,714,255 TEUs handled in the same period in 2018.  The increase in volume was mainly due to continuing ramp-up at ICTSI’s operations in Melbourne, Australia and Manzanillo, Mexico; improvement in trade activities in Subic, Philippines Matadi, Democratic Republic of Congo and Rijeka, Croatia; new shipping lines and services in Gdynia, Poland; and the new terminals in Lae and Motukea in Papua New Guinea.  For the quarter ended June 30, 2019, total consolidated throughput was seven percent higher at 2,563,244 TEUs compared to 2,388,715 TEUs in 2018.

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