rss icon Subscribe
desktop mobile

ICTSI Net Income Up 22% in 2018

Basra Gateway Terminal. Photo: ICTSI

Shailaja A. Lakshmi

Manila-head quartered port and terminal operator International Container Terminal Services (ICTSI) has released solid results for 2018. ICTSI's box volumes were higher, revenues increased and the group generated higher profit.

The port operator said in a stock exchange annoucement that its consolidated volume higher by six percent to 9,736,621 twenty-foot equivalent units (TEUs) (FY2017: 9,153,458 TEUs) and revenue from port operations increased 11 percent to US$1.4 billion (FY2017: US$1.2 billion).

Its net income attributable to equity holders up strongly by 22 percent to US$221.5 million (FY2017: US$182.1 million).

Enrique Razon, Chairman of ICTSI said: "I am pleased to report strong full year operating results for 2018. Our drive in maintaining positive volume growth organically and through M&A, our focus on cost and operating efficiency, and the constructive global trade dynamics outside of the U.S.-China "trade war" combine to provide a case for cautious optimism in 2019."

The increase in net income was mainly due to strong operating income from organic terminals; a decrease in the Company's share in the net loss at Sociedad Puerto Industrial Aguadulce S.A. (SPIA), its joint venture container terminal project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia, which decreased from US$36.8 million in the year of 2017 to US$23.4 million for the same period in 2018 as the company continued to ramp-up container volume; lower restructuring and separation costs; and a US$2.8 million non-recurring gain from the pre-termination of interest rate swap related at its terminal in Manzanillo, Mexico in May 2018.

The increase however was tapered by higher fixed port lease expense at Melbourne, Australia; a US$5.8 million non-recurring impairment charge on the goodwill at its terminal in Davao, Philippines in 2018; and a US$7.5 million non-recurring gain on the termination of the sub-concession agreement in Nigeria in the second quarter of 2017.

Excluding the impact of the interest rate swap pre-termination, impairment charge and termination of the sub-concession agreement, consolidated net income attributable to equity holders would have increased by 29 percent.

The Group's capital expenditure for 2019 is expected to be approximately US$380.0 million. The estimated capital expenditure budget will be utilized mainly for the ongoing expansion projects in Manila, Mexico and Iraq; equipment acquisitions and upgrades; and for maintenance requirements.

Mar 15, 2019

 

People & Company News

PSA, PFR, IFM Jointly Acquire DCT GDAŃSK

Image: DCT Gdansk

PSA International Ptd Ltd (PSA), the Polish Development Fund (PFR) and the IFM Global

Star Bulk Carriers Reports Q1 Loss

Pic: Star Bulk Carriers Corp.

Greek shipping company Star Bulk Carriers Corp reported a net loss of $5.3 million, or $0.

ZIM Cuts Q1 Net Loss

Pic: Zim

The Israel-headquartered container carrier Zim Integrated Shipping Services (ZIM) reported  a

Ports

PSA, PFR, IFM Jointly Acquire DCT GDAŃSK

PSA International Ptd Ltd (PSA), the Polish Development Fund (PFR) and the IFM Global Infrastructure Fund (GIF) managed by IFM Investors have completed the transaction to jointly

DP World Strengthen Brazil Ties

Brazil Minister of Foreign Affairs, Ernesto Henrique Fraga Araujo (right) with DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem (left) during a meeting in the capital of the country, Brasilia this week. Photo: DP World

Brazil Minister of Foreign Affairs, Ernesto Henrique Fraga Araujo met with the global port

Peel Ports Acquires Quality Freight

Mark Whitworth. Photo: Peel Ports Group

Peel Ports Group has announced that it has acquired Quality Freight (UK) Limited, which provides

Maritime Apps