ICTSI throughput dips 2pc up to end of September despite slight Q3 uplift
CONTAINER volumes across the International Container Terminal Services, Inc (ICTSI) terminal portfolio increased by 3 per cent to 2
CONTAINER volumes across the International Container Terminal Services, Inc (ICTSI) terminal portfolio increased by 3 per cent to 2.63 million TEU in the third quarter of the year, as trade grew following the end of initial lockdowns relating to the Covid-19 pandemic.
During the third quarter, revenue from port operations jumped by 7 per cent to US$379 million while net profit surged 23 per cent to $69 million.
ICTSI chairman and president, Enrique K Razon, Jr, said: 'I am pleased to report that our performance for the third quarter benefitted from the cost preservation measures we took to mitigate the adverse effects of the pandemic.
'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.'
However, volumes fell by 2 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-19 pandemic, reports London's Container Management.
Excluding the contribution of ICTSI Rio, the company's new terminal in Rio de Janeiro, Brazil, consolidated organic volume would have decreased 4 per cent in the first nine months of 2020.
Despite the lower volumes, the terminal operator's revenue from port operations totalled US$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. Net income fell by 1 per cent to $183 million mainly owing to higher interest on concession rights payable and Covid-19 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.
Mr Razon added: 'The pandemic continues to present uncertainties and we are very mindful of how unpredictable the environment is, as certain parts of the world move to a secondary lockdown, and we remain cautious. However, 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.'