ICTSI books $149.3M income in 9 months
International Container Terminal Services Inc. said its net income rose five percent in the first nine months to $149.3 million, boosted by a one-time gain on the termination of a sub-concession agreement in Lagos, Nigeria.
Gross revenues from port operations expanded by n10 percent to $918.3 million largely due to volume growth, tariff rate adjustments at certain terminals, new contracts with shipping lines and services, and the contribution from the Company’s new terminals in Matadi, DRC and Melbourne, Australia.
Consolidated volume reached 6.84 million twenty-foot equivalent units, six percent higher than the previous year.
The increase in volume was attributed to continuing improvement in global trade activities particularly in the emerging markets, continuing ramp-up at ICTSI’s operations in Basra, Iraq, new services at Manzanillo, Mexico and contribution of new terminals in Matadi, DRC and Melbourne, Australia.