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ICTSI Q2 profit rises 21% on higher port revenues
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BusinessWorld Online
INTERNATIONAL Container Terminal Services, Inc. (ICTSI) posted a 21% increase in attributable net income for the second quarter (Q2), driven by higher revenues from port operations, as cargo volumes and contributions from new terminals boosted its performance.
Gross revenue increased 25.38% to $958.73 million from $764.63 million, while total expenses climbed 34.24% to $449.28 million from $334.68 million.
For the first six months, attributable net income increased 21.94% to $589.98 million from $483.84 million in the same period last year.
Asia accounted for the largest share of throughput at 3.95 million TEUs, followed by the Americas with 2.23 million TEUs, and Europe, the Middle East, and Africa (EMEA) with 1.94 million TEUs.
The company previously divested its stake in YICTL, which operates a container terminal in Shandong province, China.