ICTSI profit in Q1 rises by 22.7%

Razon group-led port operator International Container Terminal Services Inc. (ICTSI) grew net profit in the first quarter by 22.7 percent year-on-year to $51.7 million, as volume growth, tariff rate adjustments at some terminals and new businesses boosted port revenues.

Excluding new terminals, consolidated net income attributable to equity holders would have increased by 34.2 percent year-on-year in the first quarter, ICTSI said in a regulatory filing on Tuesday.

The group’s consolidated gross revenues from port operations increased by 11.5 percent year-on-year to $297.2 million for the quarter.

Gross revenues from the Asia segment increased by 2.4 percent year-on-year to $142.4 million mainly due to volume growth at most of the Philippine terminals as well as new services. Local revenues, however, were tapered by lower storage revenues, and the unfavorable impact of the depreciation of Philippine peso.

Asia operations captured 47.9 percent of consolidated revenues for the quarter, easing from 52.2 percent in the same period last year.

Gross revenues from the Americas segment increased by 8.9 percent year-on-year to $103.3 million for the same period in 2017 mainly due to volume growth, improvement in trade activities combined with favorable impact of the appreciation of Brazilian Reais alongside new services and tariff rate adjustments. This segment grew its share to total business to 35.6 percent from 34.7 percent in the same period last year.

Business out of Europe, the Middle East and Africa grew by 57.8 percent year-on-year to $51.6 million in the first quarter, attributed to continuous growth and ramp-up at ICTSI Iraq; increased vessel calls at Baltic Container Terminal in Poland; continuous improvement in trade activities and contribution of the new terminal in Congo.

ICTSI’s consolidated volume in the first quarter increased by 10.7 percent to 2.27 million twenty-foot units (TEUs) due to improvement in trade activities, volume ramp-up at several terminals and contribution of IDRC. Excluding IDRC, consolidated volume would have increased by 9.9 percent in the quarter. —DORIS DUMLAO-ABADILLA