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ICTSI pushes up Q2 profit to $49.3m

International Container Terminal Services, Inc. (ICTSI) has increased its second quarter earnings on strong operating income.

Lee Hong Liang, Asia Correspondent

August 7, 2014

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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.

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Container Terminals

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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