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ICTSI Q1 profit jumps 29% on Cebu sell-off

ICTSI Q1 profit jumps 29% on Cebu sell-off
International Container Terminal Services Inc (ICTSI) has reported a 29% jump in profit to $52.4m, boosted by a one-time gain of $13.2m on the sale of its terminal in Cebu, in the Philippines.

Excluding the Cebu gain and other one-off effects, the company’s net income grew by 6% to $45.1m.

Volumes grew 17% to 1.8m teus, with revenues up 19% to $248.9m as the group’s new Mexican terminal at Manzanillo and Honduran terminal at Puerto Cortes contributed their first full quarter of operations. Organic growth, excluding the new terminals, stood at 1%.

As well as the increase in volumes, ICTSI’s revenues benefited from higher storage revenues, tariff rate increases and renegotiated contracts with both lines and forwarders.

Since the end of the quarter, ICTSI has agreed to invest in Iraq's largest port, Umm Qasr, as well as entering Australia with a terminal project in Melbourne.