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
31/03
2022
The Shanghai International Port Group (SIPG) has announced a container "land-to-water” service, covering the ports in the Yangshan area and Waigaoqiao area of Shanghai Port to related ports in the Yangtze River and Yangtze River Delta areas.
04/08
2021
US west coast port Los Angeles has reported a 27% year-on-year increase in the number of containers handled last month, closing its year at just under 11m teu.
14/03
2022
California's major port in Long Beach has reported its busiest February in its history, moving 796,560 TEU, which translates to a 3.2% increase compared to the same month last year.