ICTSI on a rising tide in 2016
International Container Terminal Services (ICTSI), headquartered in the Philippines, has posted very favourable results for 2016: revenues from port operations came in at USD 1.1 billion (+7%), ebitda at USD 525 million (+17%) and net income at USD 180 million (+207%). One-off costs were limited.
In 2016, the company recognized a non-recurring charge of USD 23.4 million on the pre-termination of the lease agreement at the company’s terminal in Oregon (USA). Excluding non-recurring items in both years, recurring net income would have increased by 18% to USD 203.4 million (2015: USD 172.8 million.
ICTSI handled 8.7 million teu in 2016 (+12%). The company attributed the box surge mainly to the ongoing rise in container traffic at the terminal in Umm Qasr(Iraq), and new shipping lines and services at Contecon Manzanillo (Mexico), Contecon Guayaquil (Ecuador) and terminals in Indonesia.
This year, the group will invest around USD 240 million, concentrating on greenfield projects in Democratic Republic of Congo and Iraq, as well as in the next stages of development of projects in Australia, Mexico, Honduras, Colombia and Manila (Philippines). (kd)