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ICTSI first half profit up 19pc to US$103.6 million, sales up 10pc
MANILA's International Container Terminal Services Inc (ICTSI) first half net profit increased 19 per cent year on year to US$103.6 million, drawn on revenues of $603.7 million, which was up 10 per cent.
Second quarter net profit increased 15 per cent to $51.9 million, drawn on revenues to $284.3 million, up eight per cent.
Profit and revenue increases were credited to the continuing ramp-up at the new terminal in Matadi, Democratic Republic of Congo (DRC), strong operating income contribution from the terminals in Iraq, Mexico and Brazil and the one-time gain on the termination of the sub-concession agreement in Nigeria.
The increase in net profit was reduced by higher interest and financing charges, higher depreciation and amortisation expenses, start-up costs at the company's terminal in Melbourne.
Other dampening factors included an increase in the company's share in the net loss at Sociedad Puerto Industrial Aguadulce SA (SPIA), its joint venture with Singapore's PSA International Pte Ltd (PSA) in Buenaventura, Colombia.
The liability increased from $3.2 million in the first half of 2016 to US$18.7 million for the same period in 2017 as the company started full commercial operations.
ICTSI handled 4,545,405 TEU in the first six months of 2017, up seven per cent year on year. The increase was due to continuing improvement in global trade, continuing ramp-up at ICTSI's operations in Basra, Iraq, new services at Manzanillo, Mexico and the new terminals in Matadi, DRC and Melbourne.
Excluding the new terminals, consolidated volume increased five per cent. For the quarter ended June 30, total consolidated throughput was three per cent up to 2,272,758 TEU.
Second quarter net profit increased 15 per cent to $51.9 million, drawn on revenues to $284.3 million, up eight per cent.
Profit and revenue increases were credited to the continuing ramp-up at the new terminal in Matadi, Democratic Republic of Congo (DRC), strong operating income contribution from the terminals in Iraq, Mexico and Brazil and the one-time gain on the termination of the sub-concession agreement in Nigeria.
The increase in net profit was reduced by higher interest and financing charges, higher depreciation and amortisation expenses, start-up costs at the company's terminal in Melbourne.
Other dampening factors included an increase in the company's share in the net loss at Sociedad Puerto Industrial Aguadulce SA (SPIA), its joint venture with Singapore's PSA International Pte Ltd (PSA) in Buenaventura, Colombia.
The liability increased from $3.2 million in the first half of 2016 to US$18.7 million for the same period in 2017 as the company started full commercial operations.
ICTSI handled 4,545,405 TEU in the first six months of 2017, up seven per cent year on year. The increase was due to continuing improvement in global trade, continuing ramp-up at ICTSI's operations in Basra, Iraq, new services at Manzanillo, Mexico and the new terminals in Matadi, DRC and Melbourne.
Excluding the new terminals, consolidated volume increased five per cent. For the quarter ended June 30, total consolidated throughput was three per cent up to 2,272,758 TEU.
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