ICTSI income climbs 73% in Q3

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INTERNATIONAL Container Terminal Services, Inc. (ICTSI) on Thursday said its net income attributable to equity holders for the third quarter climbed 73% to $119.7 million from $69.2 million in the same period a year earlier, mainly due to “a considerable improvement in trade activities.”

“We have seen a considerable improvement in trade activities and outperformance in Asia, the Americas and EMEA (Europe, the Middle East and Africa) as economies continue to recover from the impact of the… pandemic and lockdown restrictions ease,” ICTSI Chairman and President Enrique K. Razon, Jr. said in an e-mailed statement.

“This has led to strong performance this quarter for ICTSI,” he added.

The company’s revenues for the third quarter grew 27% to $482.4 million from $379.3 million in the same period in 2020.

Its consolidated earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter was at $296.9 million, up 31% from $226.8 million previously.

ICTSI said it saw higher operating income and lower equity in net loss of joint ventures, which was partially tapered by an increase in interest expense on loans, concession rights payable, and lease liability.

At the same time, it saw higher depreciation and amortization expenses associated with its new terminals.

In the quarter, the company’s total consolidated throughput was 7% higher at 2,807,098 twenty-foot equivalent units (TEUs) from 2,626,542 TEUs last year.

For the first nine months, ICTSI’s total revenues hit $1.37 billion, a 24% increase from $1.1 billion previously.

Its net income attributable to equity holders for the January to September period was $316.4 million, 73% higher than the $182.6 million earned in the same period a year ago.

“ICTSI handled consolidated volume of 8,266,621 TEUs in the first nine months of 2021, 11% more than the 7,426,307 TEUs handled in the same period in 2020,” the company said.

ICTSI attributed the increase in volume to the improvement in trade activities.

Its capital expenditures (capex), excluding capitalized borrowing costs, for the first nine months reached $104 million. The company’s total budget for the year is about $250 million.

“These were mainly for the ongoing expansion at Manila International Container Terminal in the Philippines and ICTSI DR Congo in Democratic Republic of Congo, and acquisition of port facilities and equipment at International Container Terminal Services Nigeria Ltd. in the Port of Onne in Nigeria,” the company said of its spending in the first nine months.

ICTSI closed unchanged at P178 apiece on Thursday. — Arjay L. Balinbin