LISTED International Container Terminal Services, Inc. (ICTSI) announced on Thursday a 51% increase in its attributable net income for the first three months of the year, owing to the improvements in its terminals and “significant” contributions from new shipping lines and services.

ICTSI’s net income attributable to equity holders for the first quarter reached $90.1 million, up from $59.6 million in the same period in 2020, the listed company said in an e-mailed statement.

The company saw its gross revenues increase 16% to $435 million in the first quarter from $375.8 million in the same period a year ago.

“ICTSI has delivered strong operating performance in the first quarter of 2021, with volume, revenue and earnings rising across our three regions: Asia, the Americas, and Europe, Middle East, and Africa,” ICTSI Chairman and President Enrique K. Razon, Jr. said.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) went up 25% to $264.8 million

It registered an equity in net gain of joint ventures of $42,000 in the first quarter in contrast to the $5.5-million equity in net loss for the same period in 2020.

The improvement was due to the company’s higher share in net earnings with respect to Manila North Harbour Port, Inc. (MNHPI) as a result mainly of the impact of Corporate Recovery and Tax Incentives for Enterprises (CREATE) on the deferred tax liabilities associated to the acquisition of MNHPI.

The company also pointed to its lower share in net loss at Sociedad Puerto Industrial Aguadulce S.A., its joint venture container terminal project with PSA International Pte Ltd. in Buenaventura, Colombia.

ICTSI handled 2.71 million twenty-foot equivalent units (TEUs) in the first quarter, 8% higher than the 2.51 million TEUs handled in the same period a year earlier.

The increase was “primarily due to improvement in trade activities as economies recover from the impact of the pandemic and new shipping lines and services at the company’s operations overseas,” it noted.

ICTSI shares closed flat at P128.50 apiece on Thursday. — Arjay L. Balinbin