ICTSI posts K768mil in revenue in first quarter financial results

MANILA: International Container Terminal Services Inc (ICTSI) has reported unaudited consolidated financial results for the quarter ended March 31, 2018, posting revenue from port operations of US$325.4 million (K768mil).
This is an increase of nine per cent over the US$297.2mil (K970mil) reported for the same period last year; Earnings Before Interest, Taxes, Depreciation and Amortization of US$147.8mil (K482mil), one per cent higher than the US$147mil (K480mil) generated in the first quarter of 2017.
Net income attributable to equity holders of US$44.1mil (K144mil), 15 per cent less than the US$51.7mil (K167mil) earned in the same period last year due to drag from the new terminals.
ICTSI handled consolidated volume of 2,325,540 20-foot equivalent units (TEUs) for the quarter ended March 31, 2018, two per cent more than the 2,272,647 TEUs handled in the same period in 2017.
The increase in volume was primarily due to continuous improvement in global trade activities particularly in the emerging markets, continuing ramp-up at ICTSI Iraq, and ICTSI Democratic Republic of Congo and contributions from Victoria International Container Terminal and South Pacific International Container Terminal Limited, the Company’s new terminals in Melbourne, Australia and Lae, Papua New Guinea, respectively.
The increase was tapered by the volume decline in Guayaquil, Ecuador and Karachi, Pakistan. Organically, consolidated volume growth was flat. – Hellenic Shipping News