International Container Terminal Services Inc. said net income in the first nine months of the year rose 29 percent to $184.9 million year-on-year on increased revenues from local operations and port expansion.
“ICTSI has continued to deliver strong financial performance driven by organic volume growth, diligent cost management, and the continued ramp up of newer terminals. Positive progress has been made across the business which in part has been enabled by the prudent investments we make in our brownfield terminals,” said ICTSI chairman and president Enrique Razon Jr.
“While we remain conscious of the current geopolitical trade tensions, we are well-positioned to deliver value for all our stakeholders,” he added.
Revenue from port operations increased three percent to $355.6 million from $344 million.
ICTSI handled consolidated volume of 7,590,090 twenty-foot equivalent units in the first nine months of 2019, up six percent from 7,152,392 TEUs in the same period in 2018.
The increase in volume was mainly due to continuing ramp-up at ICTSI’s new terminals in Lae and Motukea in Papua New Guinea, improvement in trade activities in Subic, Philippines, Matadi, Democratic Republic of Congo and Basra, Iraq, new contracts with shipping lines and services at Victoria International Container Terminal in Melbourne, Australia, Baltic Container Terminal in Gdynia Poland, Adriatic Gate Container Terminal in Rijeka, Croatia and Contecon Manzanillo S.A. in Manzanillo, Mexico.
Capital expenditures excluding capitalized borrowing costs in the first nine months of 2019 amounted to $177.7 million, about 47 percent of the $380 million capital expenditures budget for the full year 2019.
ICTSI is using the capital expenditure budget mainly for the ongoing expansion projects in Manila, Mexico and Iraq, equipment acquisitions and upgrades, and maintenance requirements.
ICTSI operates in six continents and continues to pursue container terminal opportunities around the world.