ICTSI 9-mo. net income up 29% to $184.9M

While we remain conscious of the current geopolitical trade tensions, we are well-positioned to deliver value for all our stakeholders.

International Container Terminal Services Inc. (ICTSI) on Wednesday reported unaudited consolidated financial results for the first nine months of 2019, posting revenue from port operations of $1.1 billion, an increase of 10 percent over the $1 billion reported for the same period in 2018.

Its earnings before interest, taxes, depreciation and amortization (EBITDA) of $624.3 million was 14 percent higher than the $546.4 million generated in the first three quarters of 2018.

Enrique Razon Jr., chairman and president of ICTSI said: “ICTSI has continued to deliver strong financial performance driven by organic volume growth, diligent cost management, and the continued ramp up of newer terminals. Positive progress has been made across the business which in part has been enabled by the prudent investments we make in our brownfield terminals.”

“While we remain conscious of the current geopolitical trade tensions, we are well-positioned to deliver value for all our stakeholders.”

Net income attributable to equity holders of $184.9 million grew by 29 percent compared to the $142.9 million earned in the same period last year mainly due to strong operating income contribution from the terminals in Democratic Republic of Congo, Iraq, Mexico, and Manila and Subic in the Philippines; new contracts with shipping lines and services at Victoria International Container Terminal (VICT) in Melbourne, Australia; continuing ramp-up at the new terminals in Papua New Guinea; and a decrease in equity in net loss at Sociedad Puerto Industrial Aguadulce S.A. (SPIA), its joint venture container terminal project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia.

The growth was partially tapered by the acceleration of debt issue costs associated with the partial prepayment of Euro-denominated term loan in July 2019 and the non-recurring gain from the interest rate swap related to the prepayment of the project finance loan at its terminal operations in Manzanillo, Mexico in 2018.

Excluding the non-recurring items, consolidated net income attributable to equity holders would have increased by 34 percent in 2019. Diluted earnings per share climbed 48 percent to $0.069 from $0.047 in the same period in 2018.