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ICTSI Q3 profit up 23pc to US$69 million, revenue up 7pc

MANILA's International Container Terminal Service Inc (ICTSI) posted a third quarter 23 per cent net profit increase to US$69 million, drawn on revenues of $379 million, up seven per cent

08 November 2020 - 19:00

MANILA's International Container Terminal Service Inc (ICTSI) posted a third quarter 23 per cent net profit increase to US$69 million, drawn on revenues of $379 million, up seven per cent.

Quarterly container volumes across the ICTSI portfolio increased three per cent to 2.63 million TEU as trade grew following the end of initial Covid lockdowns, reported London's Container Management.



'Our actions, together with improvements in global trade, a diversified portfolio, and high levels of customer service have helped to deliver an improved performance compared to the same period in the previous year,' said company chairman and president Enrique. Razon.



However, volumes fell two per cent to 7.42 million TEU across the first nine months of the year, as trade activities declined due to the impact of the Covid crisis.



Excluding the contribution of ICTSI Rio, the company's new terminal in Rio de Janeiro, Brazil, consolidated organic volume would have decreased four per cent in the first nine months.



Despite the lower volumes, the terminal operator's revenue from port operations totalled $1.1 billion over the first three quarters of the year, representing a 0.3 per cent drop compared to the same period last year. Meanwhile, EBITDA grew by three per cent to $643 million.



Net profit fell one per cent to $183 million mainly owing to higher interest on concession rights payable and Covid related expenses. This was partially tapered by higher operating income, improvement in net operating results in Melbourne, Australia and lower equity in net loss of joint ventures.



Said Mr Razon: 'The pandemic continues to present uncertainties, but ICTSI is well positioned to benefit further should global trade continue to show signs of recovery, underpinned by our stringent cost management, ability to swiftly respond to changing situations and our diverse geographical presence.'



Capital expenditure, excluding capitalised borrowing costs, amounted to $129 million, catering for the ongoing expansion at Manila International Container Terminal (MICT), Contecon Manzanillo, Contecon Guayaquil, Basra Gateway Terminal and ICTSI DR Congo.


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