ICTSI posted a 51 percent rise in its attributable net profits for the first three months of the year on Thursday, owing to terminal upgrades and “significant” contributions from new shipping lines and services.
ICTSI recorded first-quarter net income attributable to stock investors of $90.1 million, up from $59.6 million in the same time last year, the listed firm said in an e-mailed release.
Total sales increased by 16 percent to $435 million in the first year, up from $375.8 million a year before.
“ICTSI provided a good financial result in the first quarter of 2021, with production, sales, and earnings increasing in each of our three regions: Asia, the Americas, and Europe, the Middle East, and Africa,” said ICTSI Chairman and President Enrique K. Razon, Jr.
EBITDA (earnings before debt, royalties, depletion, and amortization) for the corporation increased 25% to $264.8 million.
It reported a $42,000 gain on equity in joint ventures in the first quarter, compared to a $5.5 million loss on equity in joint ventures in the same timeframe of 2020.
The increase was mostly attributed to the effect of Corporate Recovery and Tax Incentives for Enterprises (CREATE) on the deferred tax liabilities associated with the purchase of Manila North Harbour Port, Inc. (MNHPI).
Additionally, the group cited a lower share of net loss at Sociedad Puerto Industrial Aguadulce S.A., its joint venture container terminal project in Buenaventura, Colombia, with PSA International Pte Ltd.
In the first quarter, ICTSI handled 2.71 million twenty-foot equivalent units (TEUs), an increase of 8% over the 2.51 million TEUs handled in the same timeframe a year before.
The rise was attributed to “improved trading practices as markets rebound from the pandemic’s effects and new shipping lines and facilities at the company’s overseas operations,” the company noted.