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ITCSI profit up 5pc in first 9 months as revenues rise 10pc
来源：shippingazette.com 编辑：编辑部 发布：2017/11/10 09:03:47
MANILA's International Container Terminal Services Inc (ICTSI) posted a net profit increase of five per cent year on year in the first nine months of 2017 to US$149.3 million, drawn on revenues of $918.3 million, which rose 10 per cent.
Good profits were attributed to the continuing success of its new terminal in Matadi, in the Democratic Republic of the Congo. Other contributors included terminals in Iraq, Mexico, Honduras, Brazil and Madagascar with and exceptional gain from the termination of its sub-concession agreement in Lagos.
This offset by higher interest and financing charges, higher depreciation and amortisation, start-up costs at its terminal in Melbourne and a rise in its share in the net loss at Sociedad Puerto Industrial Aguadulce (SPIA), its joint venture container terminal project with PSA International (PSA) in Buenaventura, Colombia, which increased to $25.6 million from $4.7 million previously.
Without the one-off gain from the termination of the sub-concession agreement in Nigeria, net profit would have been flat ICTSI noted.
The impact of higher financing costs and start-up costs and underperformance at ports in Melbourne and Buenaventura was even more pronounced in the third quarter, with net profit down 16 per cent to $45.7 million.
Revenue from port operations increased 11 per cent to $314.6 million.
Year-to-date, ICTSI handled consolidated volume of 6.8 million TEU up six per cent year on year.
The increase in volume was primarily due to rises in global trade, especially in the emerging markets, continuing ramp-up at ICTSI's operations in Basra, Iraq, new services at Manzanillo, Mexico and contribution of new terminals in Matadi, and Melbourne.
Third quarter total consolidated throughput increased six per cent year on year to 2.3 million TEU.
Good profits were attributed to the continuing success of its new terminal in Matadi, in the Democratic Republic of the Congo. Other contributors included terminals in Iraq, Mexico, Honduras, Brazil and Madagascar with and exceptional gain from the termination of its sub-concession agreement in Lagos.
This offset by higher interest and financing charges, higher depreciation and amortisation, start-up costs at its terminal in Melbourne and a rise in its share in the net loss at Sociedad Puerto Industrial Aguadulce (SPIA), its joint venture container terminal project with PSA International (PSA) in Buenaventura, Colombia, which increased to $25.6 million from $4.7 million previously.
Without the one-off gain from the termination of the sub-concession agreement in Nigeria, net profit would have been flat ICTSI noted.
The impact of higher financing costs and start-up costs and underperformance at ports in Melbourne and Buenaventura was even more pronounced in the third quarter, with net profit down 16 per cent to $45.7 million.
Revenue from port operations increased 11 per cent to $314.6 million.
Year-to-date, ICTSI handled consolidated volume of 6.8 million TEU up six per cent year on year.
The increase in volume was primarily due to rises in global trade, especially in the emerging markets, continuing ramp-up at ICTSI's operations in Basra, Iraq, new services at Manzanillo, Mexico and contribution of new terminals in Matadi, and Melbourne.
Third quarter total consolidated throughput increased six per cent year on year to 2.3 million TEU.