ICTSI income up 4% to $106M in Jan-Sept

MANILA, Philippines - Earnings of port giant International Container Terminal Services Inc. (ICTSI) climbed four percent in the first nine months of the year on the back of higher revenues from port operations here and abroad.

In a disclosure to the Philippine Stock Exchange (PSE), ICTSI reported that its net income reached $105.8 million from January to September this year or $4.4 million higher than the $101.4 million booked in the same period last year.

The company said its revenues from port operations went up by seven percent to $524.7 million in the first nine months of the year from $490.9 million in the same period last year.

Data showed that Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) rose five percent to $225.7 million from $215.2 million.

Recurring net income attributable to equity holders increased 11 percent after adjusting the previous period’s net income attributable to equity holders to $95.3 million from the one-time net gain of $6.1 million from the sale of ICTSI’s 16.79 percent ownership stake in Portek International Limited and a one-time equity tax charge imposed by the Colombian tax authorities on all legal entities and individuals in Colombia.

ICTSI reported that its consolidated volume handled increased six percent to 4.08 twenty-foot equivalent units (TEU) in the first nine months from 3.844 million TEUs handled in the same period in 2011.

“The increase in volume was mainly due to the growth in international and domestic trade, new shipping line customers and routes, continuous containerization of breakbulk cargoes and the full period contribution of the Company’s new ports in Portland, Oregon, USA and Rijeka, Croatia as well as the consolidation of the volume generated by the company’s new container terminal operations in Jakarta, Indonesia,” the company said.

Excluding the volume from the three recent port acquisitions, organic volume growth was at four percent.

Volume from the company’s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 74 percent of total consolidated volume, increased seven percent to 3.039 million TEUs from 2.845 million TEUs.

ICTSI’s capital expenditure in the first nine months reached $319 million against a full year capital expenditure budget of $550 million.