MANILA's International Container Terminal Services Inc (ICTSI) has posted a three per cent first quarter year-on-year net profit increase to US$54 million, drawn on revenues of $296.1 million, which increased 19 per cent.
The company said the profit increase was driven by Contecon Manzanillo SA (CMSA) in Manzanillo, Mexico and Operadora Portuaria Centroamericana, SA de CV (OPC) in Puerto Cortes, Honduras, as the two container terminals entered their second full year of operation.
ICTSI said it booked in January 2014 a $13.2 million one-time gain on sale of non-core asset when it divested its holdings in Cebu International Container Terminal, Inc. Excluding the one-time gain, recurring net income grew 38 per cent in the first quarter of 2015.
ICTSI said that excluding the revenues from the new terminal, organic revenue growth was at 17 per cent.
The group's eight key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador, Pakistan and Honduras accounted for 82 per cent of the group's consolidated revenues in the first quarter of 2015.
ICTSI handled a consolidated volume of 1,982,773 TEU for the quarter that ended March 31, - 13 per cent more than the 1,757,095 TEU handled in the same period in 2014.
ICTSI invested $16 million in the development of SPIA, its joint venture container terminal development project with PSA International Pte Ltd (PSA ) in Buenaventura, Colombia. The company's share for 2015 to complete phase one of the project is $140 million.
ICTSI is widely acknowledged as a leading global developer, manager and operator of container terminals in the 50,000 to 2.5 million TEU/year range. ICTSI has an experience record that spans six continents and it continues to pursue container terminal opportunities around the world.
PORTS
13 May 2015 - 05:53
ICTSI net profit up 3pc to US$54 million as revenue rises 19 per cent
MANILA's International Container Terminal Services Inc (ICTSI) has posted a three per cent first quarter year-on-year net profit increase to US$54 million, drawn on revenues of $296.1 million, which increased 19 per cent.
PORTS
13 May 2015 - 05:53
ICTSI net profit up 3pc to US$54 million as revenue rises 19 per cent
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