MANILA's International Container Terminal Services Inc (ICTSI) posted a 73 per cent net profit increase for the first nine months of 2021 to US$316 million year on year drawn on revenues of $1.104 billion, up 24 per cent.
ictsi handed a consolidated volume of 8,266,621 TEU, 11 per cent more than the 7,426,307 TEU handled in the first nine months of 2020. This was due to volume growth and improvement in trade activities as economies begin to recover from the Covid crisis.
For the quarter which ended 30 September 2021, the total consolidated throughput was also seven higher at 2,807,098 TEU compared to the 2,626,542 TEU in 2020.
'We have seen a considerable improvement in trade activities and outperformance in Asia, the Americas and EMEA as economies continue to recover from the impact of the Covid-19 pandemic and lockdown restrictions ease,' said ICTSI chairman and president Enrique Razon.
'This is extremely encouraging, and the company's robust financial position provides a foundation to fund capital expenditures entirely through our strong cash flows and continue to grow ICTSI sustainably for the long-term benefit of all our stakeholders,' he said.
'We remain mindful that the pandemic continues to create challenges throughout our industry. We have good momentum to deliver further disciplined growth and we look to the future with confidence,' said Mr Razon.
This comes after the news that Pakistan International Container Terminal (PICT), a subsidiary of ICTSI reached a milestone with the handling of its 10-millionth TEU.
SeaNews Turkey
ictsi handed a consolidated volume of 8,266,621 TEU, 11 per cent more than the 7,426,307 TEU handled in the first nine months of 2020. This was due to volume growth and improvement in trade activities as economies begin to recover from the Covid crisis.
For the quarter which ended 30 September 2021, the total consolidated throughput was also seven higher at 2,807,098 TEU compared to the 2,626,542 TEU in 2020.
'We have seen a considerable improvement in trade activities and outperformance in Asia, the Americas and EMEA as economies continue to recover from the impact of the Covid-19 pandemic and lockdown restrictions ease,' said ICTSI chairman and president Enrique Razon.
'This is extremely encouraging, and the company's robust financial position provides a foundation to fund capital expenditures entirely through our strong cash flows and continue to grow ICTSI sustainably for the long-term benefit of all our stakeholders,' he said.
'We remain mindful that the pandemic continues to create challenges throughout our industry. We have good momentum to deliver further disciplined growth and we look to the future with confidence,' said Mr Razon.
This comes after the news that Pakistan International Container Terminal (PICT), a subsidiary of ICTSI reached a milestone with the handling of its 10-millionth TEU.
SeaNews Turkey