Port operator International Container Terminal Services, Inc. (ICTSI) saw its net income attributable to equity holders surging by more than 70 percent in the first half, thanks to higher operating income.
In a regulatory filing, the company said its bottomline reached $197.7 million during the first semester, a 73-percent increase from the $113.4 million it booked last year.
“These results have surpassed 2019 pre-pandemic performance and were driven by favorable market conditions and the prudent actions we took at the onset of the pandemic. This is evidenced by the strong organic growth across our terminals underpinned by the strength and resilience of ICTSI and our differentiated strategy,” ICTSI Chairman Enrique K. Razon said.
Revenues from port operations grew by 22 percent to $882.6 million from $724.3 million due to volume growth, favorable container mix, and new contracts with shipping lines.
The port operator handled a consolidated volume of 5.46 million twenty-foot equivalent units (TEUs) during the first six months of the year, registering a 14-percent rise from the 4.80 million TEUs the year prior, as trade activities continued to improve.
Its consolidated cash operating expenses was 11 percent higher at $248.2 million as opposed to the $222.8 million the year prior, as it posted an increase in equipment and facilities-related expenses and contracted services in relation to volume.
The company has also spent $74.4 million of its $250-million capital expenditures budget for 2021.
“The far reaching and devastating impact of Covid-19 has continued to affect the world and we have dedicated significant efforts and resources to the vaccination of our employees and their families. There is much more to do and we are working hard to protect our community,” Razon said.
Image credits: Bernard Testa