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ICTSI box volumes up 7% in first nine months of 2015

ICTSI box volumes up 7% in first nine months of 2015
ICTSI is reporting a 7% increase in terminal throughput in the first nine months of 2015 handling 5.7m teu, boosted by its new operations in Iraq.

The nine month volume figure compared with 5.4m teu in the same period in 2014, with 2% of the 7% increase contributed by the newly-opened ICTSI terminal in Iraq.

The Manila-headquartered container terminal operator a marginal 0.3% profit increase to $136.2m of rthe first nine months of 2015 compared to $135.7m in the same period in 2014.

During the nine-month period, the company booked a one-off gain of $0.3m from the sale of the terminal in Naha, Japan, but incurred a $1.3m wealth tax on its equity in its Aguadulce project in Colombia and a $0.6m super tax at the terminal in Karachi, Pakistan. Excluding these one-offs, recurring profit increased by 9% in the first three quarters, while revenues increased 2% to $792m from $779m.

Meanwhile volumes increased at Contecon Manzanillo (CMSA) in Mexico and Operadora Portuaria Centroamericana (OPC) in Honduras; new shipping line contracts and services were seen at Pakistan International Container Terminal (PICT); demand increased for services at Subic Bay International Terminal (SBITC) in the Philippines; and consolidation at Yantai International Container Terminal (YICT) in China had positive effects, adding to a total volume increase of 5%.

Meanwhile total throughput in the third quarter of 2015 increased 2% year-on-year, to 1.88m teu from 1,84m teu in Q3 2014.  Profit increased 3% in the quarter to $38m from $36.8m in 2014.