International Container Terminal Services (ICTSI) has increased its 2018 profit.
Consolidated volume for 2018 rose to 9,736,621 TEUs, compared to 9,153,458 TEUs in 2017, the company said in its 2018 earnings report.
In addition to volume growth, revenue from port operations increased 11 percent to USD 1.4 billion, as opposed to USD 1.2 billion in 2017.
ICTSI’s net income rose to USD 249.8 million, up 20 percent from USD 207.7 in 2017.
The company said the increase in volume was mainly due to new contracts with shipping lines and services, and the contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia.
The group’s capital expenditure for 2019 is expected to be approximately USD 380 million. The estimated capital expenditure budget will be utilized mainly for the ongoing expansion projects in Manila, Mexico and Iraq, equipment acquisitions and upgrades, and for maintenance requirements.