International container terminal operator ICTSI has reported an increase of almost 7% in throughput in the first half of the year together with double-digit growth in profits and revenues.
However, the strong performance was dampened by a weaker second quarter for box traffic.
The Philippines-based group handled consolidated volume of 4,545,405 TEUs in the first six months of 2017, up from 4,264,633 TEUs handled in the same period of 2016.
“The increase in volume was primarily due to continuing improvement in global trade activities particularly in the emerging markets, continuing ramp-up at ICTSI’s operations in Basra, Iraq, new services at Manzanillo, Mexico, and the new terminals in Matadi, DRC and Melbourne, Australia,” the company explained.
Excluding the new terminals, consolidated volume increased by 5% in the first half of 2017.
However, although multiple forwarders reported significant year-on-year increases in ocean volumes in Q2, throughput at ICTSI’s terminals only grew by 3% in the quarter ended June 30.
ICTSI’s EBITDA rose 13% year-on-year in the first six months of 2017 while revenue from port operations of US$603.7 million represented a 10% year-on-year increase over the US$550.8 million reported for the first six months of 2016.
ICTSI also recorded a 19% increase in income attributable to equity holders in the first half of the year. The gain was credited to “the continuing ramp-up at the new terminal in Matadi, Democratic Republic of Congo (DRC), strong operating income contribution from the terminals in Iraq, Mexico and Brazil, and the one-time gain on the termination of the sub-concession agreement in Nigeria”.
However, ICTSI said profits had been tapered by start-up costs at its new terminal in Melbourne and rising losses at its joint venture container terminal project with PSA International in Buenaventura, Colombia, which increased to US$18.7 million in 1H2017 compared to US$3.2 million a year earlier.
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