MANILA, Philippines - Net earnings of listed port operator International Container Terminal Services Inc. (ICTSI) grew slightly from January to September on the back of higher revenues.
In a statement, ICTSI said its net income reached $136.2 million for the nine-month period, up 0.3 percent from the $135.7 million recorded in the same period last year.
Gross revenues rose two percent to $792 million due to volume growth at most of the company’s terminals.
It said the favorable volume mix and higher ancillary services at Subic Bay International Terminal Corp. (SBITC) in Subic Bay, new shipping line contracts and services at Pakistan International Container Terminal (PICT) in Karachi, Pakistan boosted revenues.
Also contributing to higher revenues were the favorable impact of the consolidation of terminal operations in Yantai, China; continuing ramp-up at Operadora Portuaria Centroamericana, S.A. de C.V. (OPC) in Puerto Cortes, Honduras and Contecon Manzanillo S.A (CMSA) in Manzanillo, Mexico; and the new terminal in Basra, Iraq.
Excluding the revenues from the new terminal in Iraq, organic revenue growth declined by one percent.
The company’s eight key terminals in Manila, Brazil, Poland, Madagascar, China, Ecuador, Pakistan and Honduras accounted for 82 percent or the bulk of its consolidated revenues in the first nine months.
In terms of volume, ICTSI handled a total of 5.77 million 20-foot equivalent units (TEUs), up seven percent year on year.
Excluding the volume generated by the new terminal in Iraq, organic volume growth was at five percent.
The bulk or 77 percent of the group’s consolidated volume was accounted for by the company’s eight key terminals.
ICTSI spent $254.6 million during the nine-month period, approximately 48 percent of the $530 million budgeted for the whole of 2015.