ICTSI posts nearly threefold jump in profit

Profit for last year was recorded at $193.5m, representing a 180% surge from the gain of $69m in 2015.

Full year revenue increased by 7% year-on-year to $1.13bn due mainly to improvement in trade activities at most of the Philippine terminals resulting to volume growth, new contracts with shipping lines and services at the terminals in Indonesia, Pakistan, Ecuador and Mexico.

ICTSI also attributed the higher revenue to tariff rate adjustments at certain terminals, increase in storage and special services revenues at the terminal in Honduras, and favourable container-volume mix at most of the company’s terminals.

The global container terminal operator handled consolidated volume of 8.69m teu in 2016, 12% more than the 7.78m teu moved in 2015.

The increase in throughput was mainly due to continuing volume ramp-up at ICTSI’s Iraq terminal in Umm Qasr, new shipping lines and services at Contecon Manzanillo (CMSA) in Manzanillo, Mexico, Contecon Guayaquil in Guayaquil, Ecaudor, and the terminals in Indonesia.