Manila-headquartered International Container Terminal Services, Inc. (ICTSI) has handled increased box volumes for 2018 over the previous year, thanks to higher trade activities.
The global container terminal operator handled total throughput of 9.74 million TEU in 2018, 6% higher than the 9.15 million TEU handled in 2017.
The increased volumes were mainly due to improvement in trade activities, new contracts with shipping lines and services, and contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia.
The higher volumes helped ICTSI to a full year net profit of $221.5 million, a 22% year-on-year hike. Revenue from port operations rose 11% to $1.4 billion in 2018.
“Our drive in maintaining positive volume growth organically and through M&A, our focus on cost and operating efficiency, and the constructive global trade dynamics outside of the US-China trade war combine to provide a case for optimism in 2019,” said Enrique Razon, chairman of ICTSI.
For 2019, ICTSI has projected a capital expenditure of approximately $380 million. The funds will be utilised mainly for ongoing projects in Manila, Mexico and Iraq; equipment acquisitions and upgrades; and for maintenance requirements.
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