ICTSI Triples Profit
INTERNATIONAL Container Terminal Services Inc has reported a three-digit percentage increase in net income for 2016, as strong volume growth at key terminals helped offset economic headwinds.
According to MANA, The Manila-based terminal operator saw net income rise 180% from $69m to $193.5m year on year, while net income attributable to equity holders grew from $58.5m to $180m.
Earnings before interest, tax, depreciation and amortisation improved by 17% against the previous year to $525.1m. Fully diluted earnings per share rose to just shy of $0.07 from $0.01 in 2015.
Revenues climbed from $1.05bn to $1.3bn, a rise of 7% over the previous year.
ICTSI said revenues were boosted by healthy domestic traffic on the back of an improving trade environment in the Philippines, new contracts with carriers and services in Indonesia, Pakistan, Ecuador and Mexico, and tariff rate adjustments at certain terminals.
Total throughput was recorded at 8.7m teu for the 12-month period, up 12% on 2015 levels.