Port operator International Container Terminal Services Inc. is optimistic it will soon secure an original proponent status from state-run Philippine Ports Authority for an unsolicited proposal to upgrade and develop the Port of Iloilo for P8.7 billion.
“We are just waiting for PPA to confirm that the submission is complete. We hope that the decision on being an original proponent come sooner than later,” ICTSI Global corporate head Christian Gonzalez said.
Gonzalez earlier said ICTSI planned to bring Iloilo Port to world-class levels by maximizing big-ship capability, installing ship-to-shore gantry cranes and continuously upgrading yard capacity aligned to traffic studies.
It also plans to build a terminal for cruise ship passengers to meet the objectives of the National Tourism Development Plan.
Gonzales said that under their development plan, Iloilo could become a major regional transshipment hub for the Visayas.
ICTSI, the operator of Manila International Container Terminal and dozens of other container ports globally, reported a net income of $128.5 million in the first half, up 42 percent from $90.2 million in the same period last year.
Gross revenues from port operations increased 14 percent in the six-month period to $751.8 million from $661.8 million a year earlier.
Container port operator International Container Terminal Services Inc. said Tuesday net income jumped 42 percent in the first six months to $128.5 million from $90.2 million in the same period last year.
“ICTSI’s performance in the first half of 2019 has been very positive. The group’s focus on generating high-quality earnings from our ports, ramping up activities at our newer terminals and strong cost control has enabled us to continue to deliver on our strategic objectives,” ICTSI chairman and chief executive Enrique Razon Jr. said.
“Our business remains relatively unscathed by current geopolitical headwinds, but we remain vigilant and continue to monitor the situation closely. ICTSI is a robust business, strongly placed for the second half and the board remains confident of the future,” he said.
Gross revenues from port operations increased 14 percent in the six-month period to $751.8 million from $661.8 million a year earlier.
Consolidated volume reached 5,041,916 twenty-foot equivalent units in the first six months, or 7 percent more than 4,714,255 TEUs it handled in the same period in 2018.
The company attributed the increase in volume to the continuing ramp-up at ICTSI’s operations in Melbourne, Australia and Manzanillo, Mexico; improvement in trade activities in Subic Bay in the Philippines, Matadi in the Democratic Republic of Congo and Rijeka, Croatia; new shipping lines and services in Gdynia, Poland; and the new terminals in Lae and Motukea in Papua New Guinea.
Capital expenditures excluding capitalized borrowing costs hit $120.5 million in the first half, representing about 32 percent of the $380-million capital expenditures it budgeted for the full year.
ICTSI said the estimated capital expenditure budget would be used for the ongoing expansion projects in Manila, Mexico and Iraq; equipment acquisitions and upgrades; and for maintenance requirements.