International Container Terminal Services, Inc. (ICTSI) has announced increases in revenue, earnings and volumes for the first quarter of the year compared with the same period last year across its three regions, Asia, the Americas, and Europe, Middle East, and Africa (EMEA).
In particular, ICTSI has reported revenue from port operations of US$435.6 million, an increase of 16%, in earnings before interest, taxes, depreciation and amortization (EBITDA) of US$264.8 million, an increase of 25%, while it has handled consolidated volume of approximately 2.7 million TEU, a rise of 8%.
The increase in volumes is primarily due to an improvement in trade activities as economies recover from the impact of the pandemic; and new shipping lines and services at the company’s operations overseas, said ICTSI in its announcement.
Meanwhile, ICTSI’s net income attributable to equity holders is US$90.1 million, which represents a significant growth of 51% and is primarily due to higher operating income, while the company has published a reduction in equity in net loss of joint ventures; partially tapered by an increase in interest paid on loans, and higher interest on concession rights payable and lease liability from new terminals.
“We have seen improvements in most of our terminals as economies continue to recover from the pandemic as well as significant contributions from new shipping lines and services,” said Enrique K. Razon Jr., ICTSI chairman and president.
Additionally, ICTSI’s gross revenues from port operations for the first quarter have increased by 16% to US$435.6 million mainly due to volume growth, favourable container mix, tariff adjustments at certain terminals, new contracts with shipping lines and services, and increased storage and ancillary services particularly in the Americas segment.
The increase was partially tapered by a decline in trade activities at certain terminals primarily due to the impact of the Covid-19 pandemic, according to an ICTSI statement.
