International Container Terminal Services, Inc. (ICTSI) reported a 3% increase in container volumes across its terminal portfolio for the third quarter, compared to the same period in 2019.
The company also reported that revenue from port operations increased by 7% to US$379m while net income rose by 23% to US$69m.
Enrique K. Razon, Jr., ICTSI chairman and president, commented: “I am pleased to report that our performance for the third quarter benefited from the cost preservation measures we took to mitigate the adverse effects of the pandemic.
“Our actions, together with improvements in global trade, a diversified portfolio, and high levels of customer service have helped to deliver an improved performance compared to the same period in the previous year.”
However, volumes fell by 2% to 7.42m teu across the first nine months of the year, as trade activities declined due to the impact of the COVID-19 pandemic.
Despite the lower volumes, the terminal operator’s revenue from port operations totalled US$1.1bn over the first three quarters of the year, representing a 0.3% drop compared to the same period last year. Meanwhile, EBITDA grew by 3% to US$643m.
Razon added: “The pandemic continues to present uncertainties and we are very mindful of how unpredictable the environment is, as certain parts of the world move to a secondary lockdown, and we remain cautious.
“However, ICTSI is well positioned to benefit further should global trade continue to show signs of recovery, underpinned by our stringent cost management, ability to swiftly respond to changing situations and our diverse geographical presence.”