For the period in review, and in comparison with results of the first quarter last year, excluding IIHC and its subsidiaries, income from operations totaled P202 million, a decline of 14 percent, from P234 million in 2001. The decline is attributed to minimal revenue growth, which was insufficient to meet the quarter’s increase in Philippine Ports Authority payments and operating and administrative expenses.
In the first quarter this year, ICTSI booked other income of P1.67 billion, a reversal from other charges of P613 million in 2001. The extraordinary, non-recurring gain is a result of the partial sale of ICTSI’s preference shares in International Container Terminal Holdings, Inc. (ICTHI) to a subsidiary of Hutchison International Ports Holdings Ltd. (HPH). ICTHI granted to this HPH affiliate a one-year option to acquire ICTHI’s entire Preference B shares in IIHC. In addition, ICTSI booked foreign exchange gains of P60 million from the redemption of the balance of the $130 million convertible note issue at a lower peso-dollar exchange rate. Interest charges decreased significantly from P159 million during the first quarter last year to P71 million.
Largely as a result of this extraordinary gain, ICTSI ended the first quarter of 2002 with a consolidated net income of P1.89 billion, a reversal from the net loss of P16.7 million in the first quarter of 2001.
EBITDA for the period in review amounted to P373 million, five percent lower than the 2001 EBITDA of P395 million.
Current liabilities decreased from P7.6 billion to P2.6 billion because of the redemption of the balance of the $130 million convertible notes in March this year.
Container volume at the Manila International Container Terminal (MICT) grew by two percent, from 218,656 TEUs to 223,006 TEUs.
General cargo volume handled by Bauan International Port, Inc., manager and operator of the Bauan Terminal in Batangas, increased from 60,594 billable tons (BT) to 61,874 BT. BIPI also handled 5,135 millboard feet (MBFT) in first quarter this year, up from 2,468 MBFT last year.
Volume handled by Subic Bay International Terminal Corp., cargo handler at the Subic Bay Freeport Naval Supply Depot, more than doubled, from 6,514 TEUs in 2001 to 13,718 TEUs in 2002.
Container volume handled by South Cotabato Integrated Port Services, Inc., cargo handler at the Makar Wharf in the Port of Gen. Santos, decreased by two percent, from 29,235 TEUs to 28,636 TEUs. Non-containerized volume grew by 10 percent, from 98,502 MT to 107,917 MT.