ICTSI box volume up 6pc to 9.7m TEU, net profit soars 22pc to US$222m
MANILA-HEADQUARTERED International Container Terminal Services Inc (ICTSI) handled 9
MANILA-HEADQUARTERED International Container Terminal Services Inc (ICTSI) handled 9.74 million TEU last year, an increase of 6 per cent over 2017.
The global container terminal operator said the increased volumes were mainly due to improvement in trade activities, new contracts with shipping lines and services, and contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia.
The higher volumes helped ICTSI to a full year net profit of US$221.5 million, a 22 per cent year-on-year hike. Revenue from port operations rose 11 per cent to $1.4 billion in 2018, Seatrade Maritime News, UK reported.
'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 US-China trade war combine to provide a case for optimism in 2019,' said Enrique Razon, chairman of ICTSI.
For 2019, ICTSI has projected a capital expenditure of approximately $380 million. The funds will be utilised mainly for ongoing projects in Manila, Mexico and Iraq; equipment acquisitions and upgrades; and for maintenance requirements.