ICTSI Q1 net profit up 51pc to US$90m; strong performance in all regions
MANILA'S International Container Terminal Services, Inc (ICTSI) has posted a net income attributable to equity holders of US$90
09 May 2021 - 19:00
Revenue from port operations in the three-month period increased by 16 per cent from $375.8 million to $435.6 million. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $264.8 million was 25 per cent higher than the $212.2 million generated in the first quarter of 2020.
ICTSI handled consolidated volume of 2.71 million TEU for the quarter ended March 31, 2021, eight per cent more than the 2.51 million TEU handled in the same period in 2020 primarily due to improvement in trade activities as economies recover from the impact of the pandemic; and new shipping lines and services at the company's operations overseas.
ICTSI chairman and president Enrique K Razon Jr, said: 'ICTSI has delivered strong operating performance in the first quarter of 2021, with volume, revenue and earnings rising across our three regions: Asia, the Americas, and Europe, Middle East, and Africa (EMEA). 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.
'The pandemic remains extremely challenging for so many people around the globe. At ICTSI, we are proud of our role in working with the government and the private sector in driving the vaccination procurement programme in the Philippines. Not only will this combined effort save lives, it will also contribute to the full opening of the Philippine economy and support significant recovery across all business sectors.'
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