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ICTSI Q1 net income sinks 15pc to US$44.1m despite volumes increase
来源： 编辑：编辑部 发布：2018/05/14 09:10:48
MANILA's International Container Terminal Services, Inc (ICTSI) handled 2.33 million TEU in the first quarter, up two per cent year on year on the back of improvements at ICTSI Iraq and ICTSI Democratic Republic of Congo, yet net income dived 15 per cent to US$44.1 million.
The new Victoria International Container Terminal (VICT) in Australia and South Pacific International Container Terminal in Papua New Guinea were also credited for the increase in container volumes, reported Container Management.
However, declining throughput at ICTSI's terminals in Guayaquil, Ecuador and Karachi, Pakistan offset growth at other facilities.
Gross revenue climbed nine per cent to $325.4 million, with volume growth, tariff rate adjustments, new contracts with shipping lines and increased storage and ancillary services all contributing to the increase. EBITDA rose just one per cent to $147.8 million on account of high operating expenses tied to the fixed port lease at VICT.
Of ICTSI's $380 million capital expenditures budget for 2018, the operator spent $68 million, or 18 per cent, in the first quarter of the year.
The budget is mainly allocated for expanding operational capacity in Manila, Mexico and Iraq; continuing the rehabilitation of the container terminal in Honduras; continued work in Papua New Guinea; and the completion of the new barge terminal project in Cavite City, Philippines.
The new Victoria International Container Terminal (VICT) in Australia and South Pacific International Container Terminal in Papua New Guinea were also credited for the increase in container volumes, reported Container Management.
However, declining throughput at ICTSI's terminals in Guayaquil, Ecuador and Karachi, Pakistan offset growth at other facilities.
Gross revenue climbed nine per cent to $325.4 million, with volume growth, tariff rate adjustments, new contracts with shipping lines and increased storage and ancillary services all contributing to the increase. EBITDA rose just one per cent to $147.8 million on account of high operating expenses tied to the fixed port lease at VICT.
Of ICTSI's $380 million capital expenditures budget for 2018, the operator spent $68 million, or 18 per cent, in the first quarter of the year.
The budget is mainly allocated for expanding operational capacity in Manila, Mexico and Iraq; continuing the rehabilitation of the container terminal in Honduras; continued work in Papua New Guinea; and the completion of the new barge terminal project in Cavite City, Philippines.