ICTSI reports higher volumes, but less profit
Manila-based International Container Terminal Services (ICTSI) posted port operation revenues of USD 550.8 million in H1/2016, a mere 0.2% less than in the same period in 2015. Although ebitda rose by 8% to USD 257.5 million, net income fell by 13% to USD 87.3 million.
The company attributed these results to "an unfavourable volume mix, lower non-containerized and storage revenues", as well as higher expenses caused by the company’s new terminal in Buenos Aires.
In H1/2016, ICTSI handled 4.265 million teu, 10 % more than the 3,888 million teu lifted in H1/2015. The increase in volume was mainly due to the continuing ramp-up at ICTSI Iraq, new shipping line customers and services in four of the company’s terminals in Guayaquil (Ecuador), Manzanillo (Mexico), Karachi (Pakistan) and Jakarta (Indonesia).