PORT Operator International Container Terminal Services Inc. (ICTSI) posted profits rising by 3% to $ 153.3 million in the first nine months of 2018, from $ 149.3 million, due to strong operating revenues from organic terminals and net loss from joint ventures (JV).
During the same period, gross revenues increased by 10% to $ 1 billion, from $ 918.3 million, as they managed larger consolidated volumes, reaching 7.15 million equivalent units of twenty meters, or 5% more than the 6.84 million managed in the previous year.
"The increase in volume was primarily driven by improved business activities at most of the company's terminal locations and the contribution of new terminals to Lae and Motukea in Papua New Guinea and Melbourne, Australia," a statement said.
However, consolidated operating expenses increased 16% to $ 398 million from $ 343.4 million due to a contribution to the cost of new Australasia terminals and higher fuel consumption and external rents , among others.
Consolidated financing costs and other expenses for the first three quarters also increased by 3%, from $ 86.9 million in 2017 to $ 89.2 million this year, primarily due to the low cost of capitalization on eligible assets .
So far, the company has used up 52% or about 196.4 million dollars from the $ 380 million US dollar capital expenditure budget by 2018.