Metro Manila (CNN Philippines, August 5) — Razon-led International Container Terminal Services, Inc. (ICTSI) is moving “full steam ahead” with its operations to keep the momentum, its top official said Thursday. This, as its earnings soared 73% in the first semester, propelled by the second-quarter performance.
ICTSI said net income in the January-June period surged to $196.7 million against the $113.4 million posted a year ago on “higher operating income and a significant reduction in equity in a net loss of joint ventures.”
Revenue from port operations also climbed 22% to $882.6 million.
Earnings before interest, taxes, depreciation, and amortization stood at $532.5 million, up 28% versus the $416.4 million registered in the same period in 2020.
ICTSI said it handled a consolidated volume of 5,459,523 twenty-foot equivalent units (TEUs) in the 2021 period, 14% higher than the 4.799,765 TEUs it handled in the same period last year.
“The increase in volume was primarily due to improvement in trade activities as economies continue to recover from the impact of the COVID-19 pandemic and lockdown restrictions, and new shipping lines and services at certain terminals,” the company said.
For the second quarter alone, ICTSI said revenue from port operations went up 28% to $447 million.
Profit in the quarter ending June almost doubled to $106.6 million compared to the $53.8 million.
“Overall, we are proud with how the business has performed this quarter…The business is in a robust position,” Enrique K. Razon, Jr., ICTSI chairman and president, said in a disclosure to the Philippine Stock Exchange.
