Port operator International Container Terminal Services, Inc. (ICTSI) reported a 24% increase in net income to US$115.117 million in the first half of 2017, up from $92.609 million in the same period last year.
Gross revenues from port operations grew 10% to $603.7 million from $550.8 million reported in the first six months of 2016, the port operator said in a statement.
ICTSI said the hike in revenue was mainly due to volume growth, tariff rate adjustments at certain terminals, new contracts and services with shipping lines, and the contribution from the company’s new terminals in Matadi, Congo, and in Melbourne, Australia. Excluding the new terminals in Congo and Australia, consolidated gross revenues increased by 5%.
For the second quarter of 2017, gross revenues increased 8% to $306.5 million from $284.3 million in the same period last year.
For the first half of the year, ICTSI handled a consolidated volume of 4.545 million twenty-foot equivalent units (TEUs), 7% higher than the 4.265 million TEUs handled in the same period in 2016.
The higher volume was primarily due to continuing improvement in global trade activities particularly in emerging markets; continuing ramp-up at ICTSI’s operations in Basra, Iraq; new services at Manzanillo, Mexico; and the new terminals in Congo and Australia. Excluding the new terminals, consolidated volume increased by 5%.
For the second quarter of 2017, total consolidated throughput was 3% higher at 2.273 million TEUs compared to 2.211 million TEUs in the same period last year.
The port operator’s capital expenditure for the first half of 2017 amounted to $71 million, about 30% of the $240 million budget this year. ICTSI said the established budget is mainly allocated for completing the initial stage of the company’s greenfield projects in Congo and Iraq; the second stage of the Australian terminal; continuing development of container terminals in Mexico and Honduras; and capacity expansion of its terminal operations in Manila.
In addition, ICTSI invested $19.7 million in Sociedad Puerto Industrial Aguadulce S.A. in Buenaventura, Colombia. The company also allocated some $25 million for its share in 2017 in completing the initial phase and financing start-up operations of its joint-venture container terminal project with PSA International.
ICTSI is a global developer, manager, and operator of container terminals in the 50,000 TEUs to 2.5 million TEUs annual capacity range. It has an experience record that spans five continents and continues to pursue container terminal opportunities around the world.
