A unit of International Container Terminal Services Inc. secured a $300-million loan facility from Metropolitan Bank & Trust Co.
The port operator led by businessman Enrique Razon Jr. said it would guarantee the loan of ICTSI Global Finance B.V., which has a tenor of seven years.
ICTSI programmed $380-million capital expenditures for 2019 which will be utilized mainly for expansion projects in Manila, Mexico and Iraq; equipment acquisitions and upgrades; and maintenance requirements.
The company spent $261.3 million in 2018 mainly for the capacity expansion of its terminal operations in Manila, Mexico, and Iraq and continuing rehabilitation and development of the container terminal in Honduras.
Last year’s capex was also used for the procurement of additional equipment and minor infrastructure works in the newly-acquired terminal operations in Papua New Guinea and the completion of a barge terminal project in Cavite City.
ICTSI posted a net income of $221.5 million in 2018, up 22 percent from $182.2 million in 2017.
Gross revenues from port operations increased 11 percent in 2018 to $1.4 billion from $1.2 billion in 2017.
ICTSI said the increase in revenues was due to volume growth; new contracts with shipping lines and services; increase in revenues from non-containerized cargoes, storage and ancillary services; tariff adjustments; and the contribution of the new terminals in Lae and Motukea in Papua New Guinea and Melbourne, Australia.
Excluding the new terminals, consolidated gross revenues would have increased 7 percent.
ICTSI handled a consolidated volume of 9,736,621 twenty-foot equivalent units in 2018 or 6 percent more than 9,153,458 TEUs it handled in 2017.
ICTSI said that excluding new terminals, the consolidated volume would have increased 3 percent in 2018.