ICTSI volume up 10pc H1 profit down 13pc to US$87.3 million
Time：2016-08-11
Browse：94
But operating profit (earnings before interest, taxes, depreciation and amortisation - EBITDA) of increased eight per cent year on year to $257.5 million.
The net profit decline was blamed on an unfavourable volume mix, lower non-containerised and storage revenues as well as lower capitalised borrowing costs and higher depreciation and amortisation expenses related to Tecplata, the company`s new terminal in Buenos Aires.
Excluding the effect of Tecplata and new projects, consolidated net profit would have increased six per cent.
Second quarter net profit fell three per cent to $45.1 million, drawn on revenues of $284.3 million, which increased 11 per cent. Profit declines were blamed on higher depreciation, amortisation and interest expense related to Tecplata.
ICTSI handled 4,264,633 TEU in the first six months of 2016, a 10 per cent year on year increase. Quarterly throughput was 16 per cent higher year on year rising to 2,210,994 TEU.
Volume gains were credited to the continuing ramp-up at ICTSI Iraq; new shipping line customers and services in the company`s terminals in Guayaquil, Ecuador, Manzanillo, Mexico, Karachi, Pakistan and Jakarta, Indonesia; and improvement in trade activities at most of the terminals in the Asia region.
ICTSI is a leading global developer, manager and operator of container terminals in the 50,000 to 2.5 million TEU a year range. ICTSI has an experience record that spans four continents and continues to pursue container terminal opportunities around the world.