ICTSI increases revenues and profits in 2023 9M

International Container Terminal Services, Inc. (ICTSI) reported unaudited consolidated financial results for the nine months of 2023 posting revenue from port operations of US$1.76 billion, an increase of 7% compared with the same period in 2022.

ICTSI reported Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of US$1.11 billion, 7% higher than the US$1.04 billion generated in the same period last year and net income attributable to equity holders of US$484.54 million, 4% more than the US$465.13 million earned in the first nine months of 2022

ICTSI said the figures are driven by higher operating income and interest income, and lower Covid-19-related expenses; partially tapered by nonrecurring impairment of goodwill attributed to Pakistan International Container Terminal (PICT) in the previous quarter and increases in depreciation and amortization, interest on loans, lease liabilities and concession rights payable.

In the same period, ICTSI handled 9,451,912 TEUs, translating to a 7% year-over-year growth with the contribution of Manila North Harbour Port playing an important role.

Additionally, ICTSI's gross revenues from port operations for the first nine months of 2023 increased by 7% to US$1.76 billion mainly due to the contribution of MNHPI and new businesses at IRB Logistica in Brazil, tariff adjustments, volume growth and higher revenues from ancillary services and general cargo business at certain terminals.

Source: Container News


Related News

Deepening project at Long Beach gets approval
Deepening project at Long Beach gets approval

The Long Beach Harbor Commission has approved a critical channel deepening project that is expected to ease cargo movement to and from the United States. The Port of Long Beach (POLB) and the federal government will share the costs, estimated at almost US$170 million, with the POLB's portion being estimated at US$109 million.

2M Alliance changes sailing programme of Asia to North America services
2M Alliance changes sailing programme of Asia to North America services

2M Alliance, comprising Maersk and MSC, has decided to adjust the sailing programme on its Asia to US and Canada network to match the actual departure dates from Asia.

Cargo delays have caused US$5-10 billion losses for shippers during Covid-19 pandemic
Cargo delays have caused US$5-10 billion losses for shippers during Covid-19 pandemic

The Danish maritime data analysis company, Sea-Intelligence has measured schedule reliability from the perspective of the cargo being moved.


main.add_cart_success