ICTSI pushes up Q2 profit to $49.3m
International Container Terminal Services, Inc. (ICTSI) has increased its second quarter earnings on strong operating income.
Net profit in the second quarter rose 17% year-on-year to $49.3m compared to $42.2m in the previous corresponding period.
Revenue improved 28% year-on-year to $261.4m due mainly to contributions from its three geographical segments and a gain of $13.2m recognised on the sale of a non-operating subsidiary in Cebu, Philippines.
Revenue was also boosted by a $1.9m from the termination of management contract in Kattupalli, India and the settlement of insurance claims amounting to $1.5m in Guayaquil, Ecuador.
The port operator handled consolidated box volumes of 1.81m teu for the quarter ended June 2014, 18% higher than the 1.53m teu handled in the same period of last year.
“The increase in volume was mainly due to the continuous growth in international and domestic trade in most of the company’s terminals and the volume generated by Contecon Manzanillo (CMSA) and Operadora Portuaria Centroamericana, S.A. de C.V (OPC), the company’s new container terminals in Manzanillo, Mexico and Puerto Cortes, Honduras, respectively,” Manila-based ICTSI reported.
In the first six months of this year, ICTSI handled 3.57m teu of boxes, up 18% year-on-year.
Read more about:
Container TerminalsAbout the Author
You May Also Like