ICTSI records higher volumes and earnings for 2018

The global container terminal operator handled total throughput of 9.74m teu in 2018, 6% higher than the 9.15m teu handled in 2017.

The increased volumes were mainly due to improvement in trade activities, new contracts with shipping lines and services, and contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia.

The higher volumes helped ICTSI to a full year net profit of $221.5m, a 22% year-on-year hike. Revenue from port operations rose 11% to $1.4bn in 2018.

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“Our drive in maintaining positive volume growth organically and through M&A, our focus on cost and operating efficiency, and the constructive global trade dynamics outside of the US-China trade war combine to provide a case for optimism in 2019,” said Enrique Razon, chairman of ICTSI.

For 2019, ICTSI has projected a capital expenditure of approximately $380m. The funds will be utilised mainly for ongoing projects in Manila, Mexico and Iraq; equipment acquisitions and upgrades; and for maintenance requirements.