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Volumes up 9%, profits down 1% at ICTSI

Volumes up 9%, profits down 1% at ICTSI
ICTSI has reported a $100.4m profit for the first half of 2015, a 1% drop on the same six months last year, despite an 8% increase in revenues between the same periods to $552.1m.

ICTSI handled 3,888,130 teu in the first six months of 2015, a 9% increase over the 3,566,023 teu handled in the same period in 2014.  The increase was driven by the company’s new terminal in Iraq, as well as new shipping line contracts at Pakistan International Container Terminal (PICT) as well as strong operations in China, Philippines, Honduras and Mexico.

More than half of the 9% increase was attributable to Q2, during which throughput increased to 1.9m teu from 1.8m in Q2 2014.

The group was adversely affected by lower storage and break-bulk revenues; industrial action at ICTSI Oregon in the US which caused two major shipping lines to discontinue their calls; the 29% depreciation of the Brazilian Reais (BRL) against the dollar at Tecon Suape in Brazil; the depreciation of the Euro against the US dollar at Madagascar International Container Terminal Services, and weaker short-sea trade and reduced vessel calls at Baltic Container Terminal (BCT) in Gdynia, Poland.

Meanwhile the company spent $136.7m on completion of new box terminals in Mexico, Honduras and Iraq, expansion of capacity in Manila, and development of new terminals in Democratic Republic of Congo and Australia.