ICTSI posts $182-million profit in 2017

EARNINGS of International Container Terminal Services, Inc. ( ICTSI) were flat in 2017, as higher interest and financing charges alongside losses from operations in Colombia tempered the rise in revenues.

In a statement, the Razon- led company said net income attributable to equity holders stood at $ 182.14 million last year, 1% higher than the $ 180 million it booked in 2016. This comes amid an 10% increase in revenues to $ 1.24 billion for the period.

“The increase in net income was mainly due to the continuing rampup at the company’s new terminal in Matadi, Democratic Republic of the Congo; strong operating results from the terminals in Iraq, Mexico, Honduras, Madagascar, China, Poland and Brazil; and the gain related to the termination of the sub- concession agreement in Lagos, Nigeria,” ICTSI said in a statement.

However, the growth was “tapered by higher interest and financing charges, higher depreciation and amortization expenses, start- up costs at the company’s terminal in Melbourne, Australia, and increase in the company’s share in the net loss at Sociedad Puerto Industrial Aguadulce S. A. ( SPIA), its joint venture container terminal project with PSA International Pte Ltd. in Buenaventura, Colombia.”

The company noted that its share in losses in SPIA ballooned to $36.7 million since it started operations in the beginning of 2017, from just $5.6 million in 2016.

Excluding a $ 7.5- million gain from the termination of its subconcession agreement in Nigeria and a $ 23.4- million charge on the pretermination of the lease agreement at the company’s terminal in Oregon in the United States, ICTSI said consolidated attributable profit would have further declined by 14% in 2017. —