The Manila-based GTO handled handled consolidated volume of almost 9.737M TEU in 2018, 6% more than in 2017
The increase in volume is ascribed by ICTSI to improvement in trade activities, new contracts with shipping lines and services, and the contribution of new terminals in Lae and Motukea in Papua New Guinea, and in Melbourne, Australia. Excluding new terminals, consolidated volume would have increased by 3% in 2018.
Gross revenues from port operations increased by 11% to US$1.4B, due to the above factors, along with an increase in revenues from non-containerised cargoes, storage and ancillary services, and tariff adjustments.
Consolidated EBITDA for 2018 also grew by 11%, to US$642.2M. Due to higher fixed port lease expenses at Melbourne, the EBITDA margin slightly decreased from 46.4% in 2017 to 46.3% in 2018.
ICTSI group’s capital expenditure for 2019 is expected to be around US$380M. The budget will be utilised mainly for ongoing expansion projects in Manila, Mexico and Iraq; equipment acquisitions and upgrades; and maintenance requirements.