ICTSI profit up 73pc to US$196m as sales rise 22pc in H1

MANILA global port operator International Container Terminal Services Inc's (ICTSI) first half net profit increased 73 per cent year on year to US$196 million, drawn on revenues of $882.6 million, an increase of 22 per cent.

"These results have surpassed 2019 pre-pandemic performance and were driven by favourable market conditions and the prudent actions we took at the onset of the pandemic," said ICTSI chairman and president Enrique Razon.

For the quarter ended June 30, revenue from port operations increased 28 per cent from $348.5 million to $447 million. EBITDA was 31 per cent higher at $267.7 million from $204.2 million.

Net income attributable to equity holders was at $106.6 million, 98 per cent more than the $53.8 million in the same period in 2020.

ICTSI handled consolidated volume of 5,459,523 twenty-foot equivalent units (TEUs) in the first six months of 2021, 14 per cent more than the 4,799,765 TEU handled in the same period in 2020.

The increase in volume was primarily due to improvement in trade activities as economies continue to recover from the impact of the Covid and lockdown restrictions, and new shipping lines and services at certain terminals.

For the quarter ended June 30, 2021, total consolidated throughput was 20 per cent higher at 2,751,731 TEU compared to 2,290,779 TEU in 2020.

Gross revenues from port operations for the first half of 2021 increased 22 per cent to $882.6 million from the $724.3 million reported in the same period in 2020 mainly due to volume growth, favourable container mix, tariff adjustments at certain terminals, new contracts with shipping lines and services, and higher revenues from ancillary services.

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2021/8/13 17:08:45