International Container Terminal Services Inc. said Tuesday it reaffirmed its commitment to support and improve Pakistan’s port industry.
Pakistan International Container Terminal, in a statement, reiterated the ICTSI Group’s support and commitment to the emerging development projects in the region that would benefit the port’s hinterland and stakeholder communities.
Governor Imran Ismail of Pakistan’s Sindh province commended PICT for providing value-added services and for closely collaborating with the business community to improve the ease of doing business in the Port of Karachi, the country’s busiest maritime gateway.
ICTSI in October 2012 completed the acquisition of a majority shareholding in PICT which holds a 21-year concession for the construction, development, operations and management of a common user container terminal at Karachi Port for a period of 21 years.
ICTSI’s portfolio of terminals and projects spans developed and emerging market economies in the Asia Pacific, the Americas, Europe, the Middle East and Africa.
ICTSI earlier reported a net income of $72.4 million in the first quarter, up 77 percent from $40.9 million in the same period last year. Gross revenues from operations amounted to $383.8 million in the first quarter of the year, an increase of 18 percent from $325.4 million last year.
ICTSI handled consolidated volume of 2,478,672 twenty-foot equivalent units in the quarter, up 7 percent 2,325,540 TEUs it handled in the same period in 2018.
The increase in volume was led by the improvement in trade activities, new shipping lines and services and continuous volume ramp-up at certain terminals.