ICTSI continues on steep upward trajectory
The Philippines-based port and terminal operator International Container Terminal Services (ICTSI) handled a consolidated volume of almost 9.74 million teu in 2018, 6.4% more than the 9.15 million teu in 2017.
The volume increase was mainly due to continuous improvement in trade activities; new contracts with shipping lines and services; and the contribution of new terminals in Lae and Motukea (Papua New Guinea), and Melbourne (Australia). Excluding the new terminals, the consolidated volume would have increased by 3% last year.
The 2018 gross revenues from port operations jumped by 11% to USD 1.4 billion (2017: USD 1.2 billion). Consolidated ebitda for 2018 rose by 11% to USD 642.2 million (2017: USD 578 million). Due to the higher fixed port lease expense in Melbourne, the 2018 ebitda margin decreased slightly to 46.3% (2017: 46.4%).
The increase in the 2018 net income to USD 211.5 million (2017: USD 182.1 million) was mainly due to strong operating income from organic terminals. (kd)