LISTED port operator International Container Terminal Services, Inc. (ICTSI) saw its attributable net income for 2021 surge to $428.6 million from $101.8 million a year earlier, mainly due to higher operating income.

The company’s gross revenues from port operations increased 23.9% to $1.9 billion in 2021 from $1.5 billion previously, it said in a media release on Thursday. Its expenses were reduced 4.7% to $1.1 billion from $1.2 billion in 2020.

It said last year’s net income attributable to equity holders was 321% higher “mainly due to higher operating income and nonrecurring charges in 2020; partially offset by increase in depreciation and amortization resulting from the new terminals; higher interest on loans, concession rights payable, and lease liabilities; additional impairment charges on other nonfinancial assets; and charges associated with the prepayment of loan facilities at Victoria International Container Terminal.”

The company’s equity in net loss of joint ventures was down to zero in 2021 from a $12.27-million loss in 2020 mainly due to its share in higher net income in Manila North Harbour Port, Inc. and lower net loss at Sociedad Puerto Industrial Aguadulce S.A. in 2021.

It handled consolidated volume of 11,163,473 twenty-foot equivalent units (TEUs) in 2021, higher by 10% compared with the 10,193,384 TEUs handled in 2020 primarily due to volume growth and improvement in trade activities as economies recover from the impact of the pandemic and lockdown restrictions.

The company also noted that it has no exposure to investments in Ukraine or Russia, which recently launched a military attack on the former.

“The scale and duration of these developments and event remain uncertain as of March 1, 2022. It is not possible to estimate the overall impact of the outbreak and war’s near-term and longer effects, and could have a material impact on the group’s financial results for the rest of 2022 and even periods thereafter,” it added.

ICTSI shares closed 4.59% higher at P228 each on Thursday. — Arjay L. Balinbin