ICTSI Boosts Volumes Through New Terminals

The Philippine-based container terminal operator International Container Terminal Services, Inc. (ICTSI) handled 7,438,635 TEUs in 2014, 18% more than 6,309,840 TEUs reported in 2013, chalked up to the start of the new operations in Mexico and Honduras, the consolidation of terminal operations in Yantai, China, and improved performance at Subic Bay, Philippines.

ICTSI reported USD 182 million annual net profit in 2014, 6% more than USD 172.4m recorded in 2013. The company says that without gains from certain non-recurring items, the net income would have been flat year-on-year.

Revenue from port operations was USD 1.1 billion, 24% over the USD 852.4m reported for the same period the previous year, and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was USD 443.m, 17% higher than the USD 377.3m generated last year.

ICTSI’s capital expenditure budget for 2015 is approximately USD 530m, mainly allocated for the completion of development at the company’s new container terminals in Mexico and Democratic Republic of Congo, capacity expansion in its terminal operation in Manila, and the start of the development of the new terminals in Iraq and Australia.

The company expects to invest further USD 140m in phase one of its joint venture container terminal development project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia. ICTSI had already invested USD 64.7m in the project in 2014.