INTERNATIONAL Container Terminal Services (ICTSI), which runs the Victoria International Container Terminal in Melbourne, reported a decline in net income over the first half of 2018, but volume, revenues and EBITDA for the second quarter posted increases, according to its unaudited consolidated financial results for the period.
The company’s net income attributable to equity holders was US$97.7m, a decrease of 6% on the same period last year. The company attributed the decrease primarily to “start-up costs” for new terminals in Papua New Guinea and Australia.
ICTSI’s total revenue for the six months ending on June 30 was US$661.8m, an increase of 10% on revenue for the first half of 2017, and the company’s EBITDA of US$299.5m was an increase of 3% on the same period last year.
The company handled a total consolidated volume of 4.7m TEU in the first six month of 2018, an increase of 4% on the same period last year. This increase was attributed to “robust” global trade activities, particularly in emerging markets, and continuing volume growth at most terminals, and the contribution of the new terminals in Papua New Guinea and Australia. Excluding the new terminals volumes increased 1%.