ICTSI makes good progress in the first nine months of 2019
Philippines-headquartered port and terminal operator International Container Terminal Services (ICTSI) has just published its unaudited consolidated financial results for the first nine months of 2019. Revenue from port operations amounted to USD 1.1 billion, an increase of 10% compared to the same period in 2018. With USD 624.3 million, ebidta was even 14% higher than the USD 546.4 million generated in the first three quarters of 2018. Net income grew even further by 29% to USD 184.9 million.
The strongest operating income contribution derived from the terminals in the Democratic Republic of Congo, Iraq, Mexico and Manila and Subic in the Philippines, the new contracts with shipping lines and services at Victoria International Container Terminal (VICT) in Melbourne, the continuing ramp-up at the new terminals in Papua New Guinea and a decrease in equity in net loss at Sociedad Puerto Industrial Aguadulce (SPIA), its joint venture container terminal project with PSA International (PSA) in Buenaventura, Colombia.
The growth was partially offset by the acceleration of debt issue costs associated with the partial prepayment of a Euro-denominated term loan in July 2019 and the non-recurring gain from the interest rate swap related to the prepayment of the project finance loan at its terminal operations in Manzanillo, Mexico in 2018.
For the quarter ending 30 September 2019, total consolidated throughput was 5% higher at 2.55 million teu compared to 2.44 million teu in 2018. (fd)