Throughput grew 7% to 5M TEU, while revenues increased 14% to US$751.8M and EBITDA rose by 19% to US$424.4M on a year-on-year basis
Enrique K Razon, Jr, President and Chairman of ICTSI said: “Our performance in the first half of 2019 has been very positive. The group’s focus on generating high quality earnings from our ports, ramping up activities at our newer terminals and strong cost control has enabled us to continue to deliver on our strategic objectives.
"Our business remains relatively unscathed by current geopolitical headwinds, but we remain vigilant and continue to monitor the situation closely. ICTSI is a robust business, strongly placed for the second half and the Board remains confident of the future.”
Improved revenue and EBITDA figures were mainly due to improved operating income contribution from the terminals in Iraq, Australia, the Democratic Republic of Congo and Subic in the Philippines; the continuing ramp up at the new terminals in Papua New Guinea; and a decrease in equity net loss at Sociedad Puerto Industrial Aguadulce SA (SPIA), the joint venture container terminal project with PSA International Pte Ltd in Buenaventura, Colombia.
ICTSI handled consolidated volume of 5,041,916 TEU in the first six months of 2019, 7% more than the 4,714,255 TEUs handled in the same period in 2018. The increase in volume was mainly due to continuing ramp up at Ioperations in Melbourne, Australia and Manzanillo, Mexico; improvement in trade activities in Subic, Philippines; in Matadi, Democratic Republic of Congo; and Rijeka, Croatia; new shipping lines and services in Gdynia, Poland; and the new terminals in Lae and Motukea in Papua New Guinea.
For the quarter ended June 30, 2019, total consolidated throughput was also 7% higher, at 2,563,244 TEU, compared to 2,388,715 TEU in Q2 2018.