PORT operator International Container Terminal Services Inc. (ICTSI) saw profits inching up by 3 percent to $153.3 million in the first nine months of 2018, from $149.3 million, thanks to strong operating income from organic terminals and a decrease in net loss from joint-venture (JV) projects.
In the same comparative periods, its gross revenues grew by 10 percent to $1 billion, from $918.3 million, as it handled higher consolidated volumes that reached 7.15 million twenty-foot equivalent units, or 5 percent more than the 6.84 million handled the year prior.
“The increase in volume was primarily due to improvement in trade activities at most of the company’s terminal locations and the contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia,” a statement read.
Its consolidated cash operating expenses, meanwhile, rose by 16 percent to $398 million, from $343.4 million, due to the cost contribution of the new terminals in Australasia and higher fuel consumption and external yard rentals, among others.
Consolidated financing charges and other expenses for the first three quarters also grew by 3 percent from $86.9 million in 2017 to $89.2 million this year primarily due to lower capitalized borrowing cost on qualifying assets.
So far, the company has used up 52 percent or about $196.4 million of its $380-million capital expenditures budget for 2018.