ICTSI reports solid Q3 results

The container terminal operator posted a net income attributable to equity shareholders of $35.8 million and revenues of $239.9 million for the third quarter of 2015.    International Container Terminal Services, Inc. (ICTSI) posted a net income attributable to equity holders of $35.8 million for the third quarter of 2015 and $136.2 million for the first nine months of 2015, year-over-year increases of 5 percent and 0.3 percent, respectively, according to the terminal operator’s most recent unaudited financial results.
   Revenues for the quarter stood at $239.9 million, an 11 percent drop from the third quarter of 2014, while revenues for the first nine months of the year stood at $792 million, a 2 percent increase from the same period last year.
   ICTSI posted consolidated volumes of 1.9 million TEUs for the third quarter, a year-over-year increase of 2 percent. The company’s consolidated volumes for the first nine months of the year rose 7 percent over the same 2014 period to 5.8 million TEUs.
   The company attributed the throughput increase in the first nine months of the year to several factors including:

• A throughput increase at Contecon Manzanillo S.A. in Manzanillo, Mexico and Operadora Portuaria Centroamericana, S.A. de C.V. in Puerto Cortez, Honduras;
• New shipping line contracts and services at the Pakistan International Container Terminal in Karachi, Pakistan;
• A rise in service demand at the Subic Bay International Terminal Corp. in Subic Bay, Philippines;
• The favorable impact of consolidation at Yantai International Container Terminal in Yantai, China;
• And the opening of the new terminal, ICTSI Iraq, in Basra, Iraq, which commenced operations in Nov. 2014.

   ICTSI’s Manila International Container Terminal, in Manila, Philippines recently took delivery of four new rubber tired gantry cranes from Cargotec’s subsidiary Kalmar, which represents part of its order from the company, ICTSI said today. The terminal operator is upgrading equipment at the terminal to complement and sustain the multi-million dollar infrastructure development project, which includes the expansion of the container yard.
   Headquartered in Manila, ICTSI’s portfolio of terminals and projects spans across the Asia Pacific region, the Americas, Europe, the Middle East and Africa.