Terminal operator International Container Terminal Services, Inc. (ICTSI) has announced a 6% decrease in income in its consolidated financial results for the first half of 2018.
Although the company achieved revenue of USD $661.8 million between January and June, an increase of 10% over the first six months of 2017, net income still dropped to $97.7 million from $103.6 million.
The drop has been attributed primarily to the start-up costs of new terminals in Papua New Guinea and Australia, although their introduction did enable ICTSI to increase TEU volume by 4% in the first half of 2018.
Jupiter Kalambakal, of ICTSI, discusses the Manila Terminal in a recent Port Technology technical paper
Cash operating expenses increased by 20% though as a result of higher fuel consumption and external yard rental in Papua New Guinea and Australia, as well as a hike in the prices of fuel and the added cost of repairs and maintenance.
The total consolidated throughput in Q2 was still 5% higher than in 2017, or 3% if the throughput of new terminals is set aside.
Other reasons for the increase in volume included robust global trade activities, particularly in the emerging markets established by ICTSI’s newest terminals.
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