Trade resumption as lockdowns eased a boon to ICTSI in Q1

MANILA, Philippines — Port giant International Container Terminal Services, Inc. (ICTSI) opened 2021 in a high note after global trade resumed with the easing of quarantines, benefiting its logistics business.

ICTSI recorded a first quarter net income of $102.3 million, 49% up year-on-year. This was due in part to busier port operations, particularly from its Americas business segment, from January to March this year.

Shares in ICTSI closed at P128.5 each on Thursday, unchanged from the previous day.

“We have seen improvements in most of our terminals as economies continue to recover from the pandemic; as well as significant contributions from new shipping lines and services,” Enrique K. Razon, Jr, president and chair, was quoted as saying in a statement.

In its unaudited consolidated financial report, the company reported $435.6 million gross revenues supported by an 8% jump in shipping volumes to 2.7 million of twenty-foot equivalent units processed during the 3-month period.

Despite this, operating expenses for the period rose 3% year-on-year to $122.4 million due to high upkeep for new projects and foreign exchange used to calculate expenses barely changed. Majority of $36.3 million in capital investments last quarter were spent on terminal expansions, including the company's hub at the Manila International Container Terminal.

The Razon group’s logistics company also reported consolidated earnings before interest, taxes, depreciation and amortization of $264.8 million.