ICTSI reports 7% throughout rise in first trimester

Income attributable to equity holders increased by 77% to US$72.4M due to the strong operating income highlighted by strong operational and financial performance at VICT in Melbourne, Australia, lower financing charges, and a significant improvement in the operations at Sociedad Puerto Industrial Aguadulce SA (SPIA), ICTSI’s joint venture container terminal project with PSA International Pte Ltd in Buenaventura, Colombia (photo above).

The latter operation posted a lower net loss share of US$6.3M compared to US$8.9M in the same period in 2018 as the company continued to ramp-up container volume lifting SPIA’s EBITDA to positive level for the quarter.

“Enrique K Razon, Jr, ICTSI Chairman and President said: “ICTSI has continued to grow and delivered a strong first quarter financial performance underpinned by operational improvements and higher contributions from our new ports including VICT in Melbourne Australia, Lae and Motukea in Papua New Guinea. While we remain very mindful of the economic backdrop, we remain confident about the future prospects of the business as we build on this positive momentum.”

The increase in container volume was primarily due to improvement in trade activities, new shipping lines and services and continuous volume ramp-up at certain terminals.