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ICTSI's net profit surges 207pc to US$180m on 7pc rise in port revenue

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) has reported net income of US$180 million for full-year 2016 - an increase of 207 per cent compared to $58.5 million in the previous year - on revenue from port operations of $1.128 billion, up seven per cent compared to 2015.

The port operator said in a statement that it recognized a non-recurring charge of $23.4 million on the pre-termination of the lease agreement at ICTSI Oregon, Inc., the company's US terminal in Oregon.

ICTSI handled consolidated volume of 8.69 million TEU in 2016, up 12 per cent compared to 2015.

The increase in volume was mainly due to continuing volume ramp-up at ICTSI Iraq; new shipping lines and services at Contecon Manzanillo S A, Contecon Guayaquil S A, and the terminals in Indonesia; and improvement in trade activities at its Madagascar terminal, Adriatic Gate Container Terminal in Rijeka, Croatia and in most of the Philippine terminals.

For the fourth quarter of 2016, total consolidated throughput was 12 per cent higher at 2.25 million TEU compared to 2.0 million TEU in the same period in 2015.

The seven per cent increase in gross revenues from port operations was mainly due to improvement in trade activities at Philippine terminals; new contracts with shipping lines and services at its terminals in Indonesia, Pakistan, Ecuador and Mexico; tariff rate adjustments at certain terminals; and favourable container-volume mix at most of the company's terminals.