MANILA's International Container Terminal Services, Inc (ICTSI) has reported net income attributable to equity holders of US$420.55 million, 34 per cent more than the US$313.80 million earned in the first half of 2023.
ictsi attributed the increase in net income to higher operating income, partially tapered by an increase in interest on loans and lease liabilities related to concession renewal.
For the quarter ended June 30, 2024, net income attributable to equity holders was at $210.67 million, 32 per cent more than the $159.19 million in the same period in 2023.
First half revenue from port operations totalled $1.32 billion, an increase of 13 per cent from the $1.16 billion reported for the first six months of 2023. Revenue in the three months ended June 30 increased 15 per cent from $592.73 million to $684.02 million.
ICTSI terminals worldwide handled 6,312,163 TEU in the six months ended June 30, 2024, marginally higher than the 6,275,837 TEU handled in the same period in 2023.
'The one percent consolidated volume growth was mainly due to the impact of new services and improvement in trade activities at certain terminals offset by the decrease in volume at Contecon Guayaquil SA (CGSA) in Guayaquil Ecuador, the impact of expiration of the concession contract at PICT in Karachi, Pakistan, and the deconsolidation of OJA in Jakarta, Indonesia,' the company said in a statement.
ICTSI chairman and president, Enrique K Razon Jr, said: 'We've delivered a strong first half performance, yet again demonstrating the strength of ICTSI's diversified international portfolio and continued delivery of our strategic initiatives.
'Our revenue increased by 13 per cent to US$1.32 billion and EBITDA and net income rose to record highs of $864.99 million and $420.55 million, respectively.'
Looking ahead, Mr Razon Jr said: 'While we remain vigilant of continuing economic and geopolitical uncertainty, we have a proven and sustainable growth strategy which gives us confidence in our outlook and continued ability to generate value for all our stakeholders.'
SeaNews Turkey
ictsi attributed the increase in net income to higher operating income, partially tapered by an increase in interest on loans and lease liabilities related to concession renewal.
For the quarter ended June 30, 2024, net income attributable to equity holders was at $210.67 million, 32 per cent more than the $159.19 million in the same period in 2023.
First half revenue from port operations totalled $1.32 billion, an increase of 13 per cent from the $1.16 billion reported for the first six months of 2023. Revenue in the three months ended June 30 increased 15 per cent from $592.73 million to $684.02 million.
ICTSI terminals worldwide handled 6,312,163 TEU in the six months ended June 30, 2024, marginally higher than the 6,275,837 TEU handled in the same period in 2023.
'The one percent consolidated volume growth was mainly due to the impact of new services and improvement in trade activities at certain terminals offset by the decrease in volume at Contecon Guayaquil SA (CGSA) in Guayaquil Ecuador, the impact of expiration of the concession contract at PICT in Karachi, Pakistan, and the deconsolidation of OJA in Jakarta, Indonesia,' the company said in a statement.
ICTSI chairman and president, Enrique K Razon Jr, said: 'We've delivered a strong first half performance, yet again demonstrating the strength of ICTSI's diversified international portfolio and continued delivery of our strategic initiatives.
'Our revenue increased by 13 per cent to US$1.32 billion and EBITDA and net income rose to record highs of $864.99 million and $420.55 million, respectively.'
Looking ahead, Mr Razon Jr said: 'While we remain vigilant of continuing economic and geopolitical uncertainty, we have a proven and sustainable growth strategy which gives us confidence in our outlook and continued ability to generate value for all our stakeholders.'
SeaNews Turkey
