ICTSI sets US$240-M capex in 2017
InterAksyon.com means BUSINESS
MANILA - Listed International Container Terminal Services, Inc. (ICTSI) has earmarked US$240 million for capital expenditures (capex) this year after profit more than tripled in 2016 on higher revenues from its port operations.
ICTSI told the local bourse the capex will be used for developments of its greenfield projects in Democratic Republic of Congo and Iraq; a project in Australia; container terminals in Mexico and Honduras; and capacity expansion in its terminal operations in Manila.
It also allocated around US$25 million for its share in 2017 to complete the initial phase of its joint venture container terminal development project in Buenaventura, Colombia.
ICTSI’s net income attributable to equity holders reached US$180 million last year, up 207 percent compared to the US$58.5 million earned in 2015.
Revenues from port operations surged 7 percent to US$1.13 billion from US$1.05 billion the previous year.
ICTSI handled consolidated volume of 8,689,363 twenty-foot equivalent units (TEUs) for the year ended December 31, 2016 - or 12 percent more than the 7,775,993 TEUs handled the previous year.
The increase in volume was mainly due to continuing volume ramp-up at ICTSI Iraq, Madagascar, Croatia and in most of the Philippine terminals.
ICTSI is widely acknowledged to be a leading global developer, manager and operator of container terminals in the 50,000 to 2.5 million TEU/year range.
It has an experience record that spans six continents and continues to pursue container terminal opportunities around the world.