International Container Terminal Services Inc (ICTSI) achieved higher profit during the second quarter as container volumes rose at its terminals and Covid-19-related expenses declined.
The Philippines-based terminal operator posted $159m in net income attributable to equity holders, up 5% from $152m in attributable net profit realised in the same period in 2022.
The profit gain was offset by a non-recurring impairment charge for goodwill attributed to Pakistan International Container Terminal (PICT) and higher depreciation and amortisation, loan interest and lease liabilities.
Excluding the PICT goodwill impairment, second-quarter net income attributable to equity holders would have grown to $170m, up 12% from a year earlier.
ICTSI recorded $0.075 in diluted earnings per share for the second quarter, up from $0.07 for the second quarter of 2022.
Second-quarter revenue from port operations rose 11% to $593m.
Ebitda for the quarter improved to $375m, up 12% from the same three months in 2022.
Second-quarter container volume totalled 3.17m teu, up 9% from the same period in 2022.
“The macroeconomic and geopolitical climate continues to be uncertain but these results give us continued confidence in our financial and operational resilience,” chairman and president Enrique Razon said.
For the first half of 2023, ICTSI posted $314bn in net profit attributable to equity holders, 7% up from what it achieved during the same period in 2022.
Without the PICT goodwill impairment, first-half net income attributable to equity holders would have grown to $324m, a 10% increase from a year earlier.
Diluted earnings per share for the first six months of 2023 grew 9% to $0.147.
ICTSI reported revenue from port operations of $1.16bn for the first six months of 2023, up 10% from revenue collected in the first half of 2022.
Ebitda for the first half of 2023 came in at $729m, up 8% from the same period last year.
Container volume for the first half of 2023 reached 6.28m teu, up 9% from the first half of last year.
