In Brief: ICTSI posts net income of $196.7m in H1, up 73% YOY

ICTSI Adriatic Gate Container Terminal
ICTSI Adriatic Gate Container Terminal

International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the first half of 2021 posting revenue from port operations of US$882.6 million, an increase of 22% from the $724.3 million reported for the first six months of 2020. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $532.5 million, 28% higher than the $416.4 million generated the same period last year; and net income attributable to equity holders of $196.7 million, 73% more than the US$113.4 million earned in the first half of 2020 primarily due to higher operating income; significant reduction in equity in net loss of joint ventures, partially tapered by increase in interest expense on loans, concession rights payable, and lease liability; and higher depreciation and amortization expenses associated with the new terminals. Diluted earnings per share for the first half of 2021 was at US$0.081 compared to US$0.043 in the same period in 2020. –