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Pandemic semester yields 22% sales hike for ICTSI

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MOL Success, the first vessel to dock at the newly completed Berth 7, made its maiden call to the Manila International Container Terminal after a berth expansion that effectively raises the port’s annual capacity. / PHOTOGRAPH courtesy of ICTSI

The first half proved favorable to global port operator International Container Terminal Services Inc. (ICTSI), which posted revenues from port operations of $882.6 million (P31.8 billion), an increase of 22 percent compared to $724.3 million (P36 billion) earnings for the first six months of 2020.

“These results have surpassed 2019 pre-pandemic performance and were driven by favorable market conditions and the prudent actions we took at the onset of the pandemic,” ICTSI chair and president Enrique K. Razon Jr. said.

Based on its unaudited consolidated financial results for the first half, the Razon-led port developer, manager and operator has incurred $532.5 million in Earnings Before Interest, Taxes, Depreciation and Amortization, which was 28 percent higher than the $416.4 million generated the same period last year.

Profit zooms 73%
Net income attributable to equity holders of $196.7 million was 73 percent more than the $113.4 million earned in the first half, primarily due to higher operating income and significant reduction equity in a net loss of joint ventures.

The increase was partially softened by an increase in interest expense on loans, concession rights payable, lease liability and higher depreciation and amortization expenses associated with the new terminals.

While diluted earnings per share for the first half of 2021 was at $0.081 compared to $0.043 in the same period in 2020.

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