International Finance
Ports and Shipping

Overseas business spurs profit surge at port operator ICTSI

ICTSI profits
H1 2019 revenues increase by 14% to $751.8 mn from $661.8 mn during the same period of the previous year

Philippines port operator International Container Terminal Services (ICTSI) reported a 42 percent growth in profits in the first six months of 2019. Its net income increased to $128.5 million from $90.2 million earned during the same period last year.

Its revenues also increased by 14 percent to $751.8 million in the first half of 2019 from $661.8 million during the same period of the previous year.

During this period, the port operator handled over 5.04 million twenty-foot equivalent units of cargo, a 7 percent increase from 4.71 million twenty-foot equivalent units the year before. Increased business at its terminals in Australia and Mexico contributed to the increase in volume. Other factors that also contributed were an improvement in trade at Subic in the Philippines, in the Democratic Republic of the Congo, and at Rijeka, Croatia.

“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 President Enrique K. Razon Jr told the media.

ICTSI South Pacific, a unit of ICTSI has recently announced its decision to sell its 30 percent stake in Motukea International Terminal. According to reports, it has entered into an agreement with Noho-Mage Holdings of Papua New Guinea for the deal.

The port operator recently added a new quay crane and eight hybrid rubber-tyred gantries for its flagship Manila International Container Terminal.

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