Profit boost for ICTSI
International Container Terminal Services Inc (ICTSI) has recorded a 23% rise in profits for the first six months of 2014.
The Philippines-based operator handled 3.6 million teu, 18% more than in the first half of 2013. Volumes were boosted by its new container terminals in Mazanillo (Mexico) and Puerto Cortes (Honduras). Without these, throughput actually increased 1%.
Revenue from port operations surfed 23% to US$510.3m, which is also mainly due to the contribution from the two new terminals.
Profit was boosted by the sale of the Cebu terminal, which was sold earlier this year for US£13.2m. The termination of a management contract in Kattupalli, India (US$1.9m), and the settlement of insurance claims in Guayaquil, Ecuador (US$1.5m) also contributed. Excluding these non-recurring items, net income would have been US$85.1m, 3% higher than H1 2013.
ICTSI also recorded capital expenditure of US$104.5m, around 34% of the US$310m capital expenditure budget for the full year 2014. ICTSI says this is mainly invested in its new Contecon Mazanillo SA (CMSA) and Operadora Portuaria Centroamericana (OPC) terminals, as well as those in Buenos Aires (Argentina) and Matadi (DR Congo).
In addition, the group invested US~$23.9m in a joint venture with Singapore-based operator PSA to develop a container terminal in Buenaventura (Columbia).
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