INTERNATIONAL Container Terminal Services, Inc. (ICTSI) posted a 22% increase in its net attributable income in the third quarter to $55.62 million, fuelled by higher revenues from port operations.
In a statement, ICTSI said its attributable net income for the January to September period stood at $153.29 million, up 3% from in the same period last year.
The company attributed its financial performance to robust growth in operating income from organic terminals; a lower share in the net loss at Sociedad Puerto Industrial Aguadulce S.A. in Buenaventura, Colombia; and a $2.8 million non-recurring gain from the pre-termination of interest rate swap related to the pre-payment of a project finance loan at its terminal in Manzanillo, Mexico.
However, the new terminals and a $7.5 million non-recurring gain on the termination of the sub-concession agreement in Nigeria weighed on ICTSI’s bottomline.
Revenues from port operations grew by 9% to $343.96 million in the three-month period ending September, and by 10% for the first nine months to $1 billion.
ICTSI said total consolidated throughput rose 6% at 2,438,136 twenty-foot equivalent units (TEUs) in the third quarter, bringing the nine-month figure 5% higher to 7,152,392 TEUs.
“The increase in volume was primarily due to improvement in trade activities at most of the Company’s terminal locations and the contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia. Excluding the new terminals, consolidated volume would have increased by 2% (in the first nine months of 2018),” it said in a statement.
The Razon-led port operator said the increase in volume handled during the third quarter was observed across the different locations where it operates, namely in Asia (9.7%), Americas (3.1%) and Europe, Middle East and Africa (1.8%). — D.A.Valdez