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ICTSI’s 6pc profit slip to US$97.7 million blamed on terminal start-up costs

MANILA's International Container Terminal Services Inc (ICTSI) posted a six per cent year-on-year decline in first half net profit to US$97.7 million, drawn on revenues of US$661.8 million, an increase of 10 per cent.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$299.5 million were three per cent higher than the US$289.7 million generated in the first half of 2017.

The decline in net profit was blamed start-up costs of the new terminals in Papua New Guinea and Australia and the $7.5 million non-recurring gain on the termination of the sub-concession agreement in Nigeria in the second quarter of 2017.

This was tapered by the strong operating income from organic terminals; a decrease in the company's share in the net loss at Sociedad Puerto Industrial Aguadulce (SPIA), its joint venture container terminal project with PSA International in Buenaventura, Colombia, and a $2.8 million non-recurring gain from the pre-termination of interest rate swap related to the pre-payment of the project finance loan at its terminal operations in Manzanillo, Mexico in May.

For the quarter ended June 30, revenue increased 10 per cent to $336.4 million; EBITDA was six per cent higher at $151.8 million.

ICTSI handled consolidated volume of 4,714,255 TEU in the first six months of 2018, four per cent more than the 4,545,405 TEU handled in the same period in 2017.

The increase in volume was primarily due to the robust global trade activities particularly in the emerging markets, continuing volume growth at most terminals and the contribution of the new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia. Excluding the new terminals, volume increased by one per cent.

For the quarter ended June 30, 2018, total consolidated throughput was five per cent higher at 2,388,715 TEU year on year. Excluding the new terminals, consolidated volume would have increased by three per cent in the second quarter of 2018.

Source: Schednet

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