ICTSI celebrates a successful first half of 2019
For the first six months of 2019, the Manila (Philippines)-headquartered port and terminal operator International Container Terminal Services (ICTSI) has reported its unaudited financial results. The revenues from port operations were at USD 751.8 million, an increase of 14% over the USD 661.8 million in H1/2018.
Ebitda amounted to USD 424.4 million, 19% above the level of the same period in 2018 (USD 356.1 million). At USD 128.5 million, net income experienced the greatest leap forward, an uptick of 42% compared to the USD 90.2 million earned in H1/2018.
The improvements were mainly due to higher operating income contribution from the terminals in Iraq, Australia, the Democratic Republic of Congo and Subic in the Philippines, the continuing ramp-up at the new terminals in Papua New Guinea and a decrease in equity in net loss at Sociedad Puerto Industrial Aguadulce (SPIA), ICTSI's joint venture container terminal project with PSA International (PSA) in Buenaventura, Colombia. (cd)