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ICTSI boosts earnings in 2014

ICTSI boosts earnings in 2014
International Container Terminal Services, Inc. (ICTSI) has posted higher earnings for the financial year ended 31 December 2014 over the previous year.

Net profit for last year was recorded at $182m, up 6% from $172.4m earned in 2013.

Revenue jumped by 24% year-on-year to $1.06bn, driven by contributions from newer operations in Manzanillo, Mexico and Puerto Cortes, Honduras. The revenue was also boosted by the consolidation of terminal operations in Yantai, China and improved performance at Subic Bay, the Philippines.

The Manila-based global port operator said it handled 7.44m teu of containers in 2014, 18% more than the 6.31m teu in 2013.

The increase in containers handled was mainly due to the volume generated by Contecon Manzanillo in Mexico, Operadora Portuaria Centroamericana in Honduras, and ICTSI Iraq.

ICTSI’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan grew by 5% and accounted for 70% of the group’s consolidated volume in 2014.