ICTSI holds the fort
Filipino port and terminal operator International Container Terminal Services, Inc. (ICTSI) has released its unaudited consolidated financial results for the first nine months of 2020. Revenues from port operations amounted to USD 1.1 billion, moving sideways compared to the same period last year (-0.3).
Ebitda rose by 3% to USD 643.2 million (USD 624.3 million in 2019), while net income was 1% lower with USD 182.6 million, which was mainly due to higher interest on concession rights payable and Covid-19 related expenses.
Q3/2020 was particularly strong with revenues from port operations up 7%, ebitda up 13% and net income up 23% to USD 69.2 million. ICTSI handled consolidated volumes of 7.43 million teu in the first nine months of 2020, 2% than the 7.59 million TEU processed in the same period in 2019.
Without the contribution of ICTSI Rio, the company’s new terminal in Rio de Janeiro, Brazil, consolidated organic volume would have decreased by 4% in the first nine months of 2020 due to the pandemic. (cd)