ICTSI eyes big stake in Pakistan port

MANILA, Philippines - International Container Terminal Services Inc. (ICTSI) plans to acquire between 35 to 55 percent of Pakistan International Container Terminal Ltd.(PICT), which has a maximum handling capacity of 750,000 twenty-foot equivalent units (TEUs).

In a disclosure to the Philippine Stock Exchange, ICTSI said its wholly-owned unit ICTSI Mauritius Ltd. had announced its intention to purchase up to 60.03 million ordinary shares of PICT.

At the same time, ICTSI disclosed that its 2011 net earnings grew 33 percent to $130.5 million on the back of increased revenues and lower financing charges as well as a one-time gain on sale of non-core assets.

ICTSI sold its 16.79 percent stake in Portek International Ltd. and booked a one-time equity tax charge.

Gross revenues rose 26 percent to $664.8 million from $527.1 million. EBITDA stood at $281.4 million, 14 percent higher than the $247.7 million recorded a year before.

ICTSI handled consolidated volume of 5.23 million TEUs, up 25 percent from 4.2 million TEUSs in 2010, largely due to the continued upturn in international trade, particularly in markets where ICTSI’s ports are located; new shipping line customers and the consolidation of company’s ports in Portland, Oregon, Usia and Croatia.

Volume from the group’s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 74 percent of the consolidated volume for 2011, rose 18 percent to 3.87 million TEUs.