ICTSI takes a satisfying look in the rear mirror
Philippines-based International Container Terminal Services (ICTSI) has published its audited consolidated financial results for 2019.
Revenues achieved in port operations amounted to USD 1.5 billion, an increase of 7% in comparison to the year 2018 (USD 1.4 billion). Ebitda did even better, with a rise of 10% up to a final USD 830.1 million (2018: USD 755.4 million). Nevertheless, the net income declined to 100.4 million, down 52% compared to the USD 207.5 million earned last year.
Yet, excluding non-recurring gains and charges, recurring net income in 2019 was 23% at USD 259.1 million compared to the USD 210.5 million earned the previous year. These non-recurring charges of USD 158.7 million were composed principally of impairment charges on the concession rights assets of Tecplata, the company's terminal in Buenos Aires.
ICTSI handled consolidated volumes of 10.2 million teu in 2019, 5% more than the 9.7 million teu handled in 2018. The new terminals in Lae and Motukea in Papua New Guinea and the contribution of the new terminal in Rio de Janeiro in Brazil were some of the reasons for the good performance. (mw)