Higher box volumes help lift profit at ICTSI

Manila-based International Container Terminal Services, Inc. (ICTSI) has handled higher container throughput for the quarter ended 30 September 2016 compared to the year-ago period, contributing to strong profit growth.

For the third quarter, the global port operator registered total consolidated throughput of 2.17m teu, up 15% from 1.88m teu in the same period of 2015. The company’s geographic segments in Asia, Europe-Middle East-Africa (EMEA) and Americas all posted positive growth for a third consecutive quarter.

“The increase in volume was mainly due to new shipping lines and services, improvement in trade activities in most of the terminals in the Asia region and the continuing ramp-up at ICTSI Iraq,” ICTSI stated.

Net profit for the third quarter soared by 53% year-on-year to $54.6m on the back of increased volumes and revenue growth.

The quarterly revenue was recorded at $284.2m, representing an increase of 18% from $239.9m in the previous corresponding period.

Posted 08 November 2016

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Lee Hong Liang

Asia Correspondent

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