International Container Terminal Services, Inc. (ICTSI) has reported important increases in its financial results for the nine months of the year, with net income significantly increased by 68% year-on-year.
The global container port operator's net income reached US$352.7 million, while during the first nine months of the year, the company's revenue from port operations completed more than US$1.365 billion which corresponds to a year-on-year increase of 24% reports container-news.com
"This growth is attributable to many factors including the high volumes, favourable container mix, tariff adjustments at certain terminals, new contracts with shipping lines and services, new terminals, higher revenues from ancillary services, as well as a net favourable impact of foreign exchange at certain terminals," explains ICTSI.
However, the increase was partially tapered by a decline in trade activities at certain terminals primarily due to the impact of the Covid-19 pandemic, according to a statement.
Additionally, earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled US$829.4 million, representing a growth of 29% over the last year's first nine months period. According to ICTSI, this increase has arisen principally by higher revenues and was partially tapered by the increase in cash operating expenses. At the same time, EBITDA margin increased to 61% from 58% in the previous year.
Moreover, the world's eighth busiest port operator reported an increase in consolidated cash operating expenses of 16% in the first nine months of 2021, reporting US$383.2 million.