ICTSI profit rises to $221.5 M in 2018, sets $380-M capex

International Container Terminal Services, Inc. (ICTSI) reported a 22 percent jump in attributable net income to US$221.5 million last year, from the US$182.1 million earned in 2017, mainly due to strong operating income from organic terminals.

In a disclosure to the Philippine Stock Exchange, the firm said revenue from port operations increased 11 percent toUS$1.4 billion in 2018 from US$1.2 billion in the previous year.

Revenues rose as consolidated volume was higher by six percent to 9,736,621 twenty-foot equivalent units (TEUs) last year from 9,153,458 TEUs in 2017.

“I am pleased to report strong full year operating results for 2018. Our drive in maintaining positive volume growth organically and through M&A, our focus on cost and operating efficiency, and the constructive global trade dynamics outside of the US-China ‘trade war’ combine to provide a case for cautious optimism in 2019,” said ICTSI Chairman Enrique Razon.

ICTSI said the increase in volume was mainly due to continuous improvement in trade activities; new contracts with shipping lines and services; and the contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia.

Excluding new terminals, consolidated volume would have increased by three percent in 2018. (JAL)