ICTSI reported consolidated unaudited financial results for the six months ended 30 June 2011, posting revenues from port operations of US$319.1 million, 29 percent higher than the US$246.9 million reported last year; and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$143.3 million, up 21 percent from the US$118.7 million generated in 2010. EBITDA growth was tempered by the higher consolidated cash operating expenses, which increased 45 percent to US$134.2 million, from US$92.6 million in the same period in 2010.
First half net income attributable to equity holders was US$60.0 million, up 42 percent over the US$42.4 million earned last year. The higher net income attributable to equity holders was mainly due to the upsurge in foreign volumes and stronger revenues from storage and ancillary services from the Company’s foreign operations.
For the quarter ending 30 June 2011, revenue from port operations increased 30 percent, from US$126.3 million to US$164.2 million. Meanwhile, EBITDA grew 16 percent, from US$62.1 million to US$72.1 million.
For the same quarter, net income attributable to equity holders was up 61 percent, from US$19.6 million to US$31.5 million.
ICTSI handled consolidated volume of 2,483,977 twenty-foot equivalent units (TEUs) in the first half of 2011, 24 percent more than the 2,009,605 TEUs handled in the same period in 2010. The increase in volume was mainly due to the continued upturn in international trade, particularly in markets where ICTSI’s ports are located and the consolidation of the Company’s new ports in Portland, Oregon, USA and Rijeka, Croatia. Excluding the volume from the two latest port acquisitions, organic volume growth was at impressive 18 percent.
For the quarter ending 30 June 2011, total TEUs handled was 25 percent higher at 1,312,008 TEUs compared to 1,047,577 TEUs in 2010.
Gross revenues from port operations for the first six months of 2011 increased 29 percent to US$319.1 million, from the US$246.9 million reported in the same period in 2010. The increase in revenues for the first half of 2011 was mainly due to the strong volume growth on all geographic segments, higher storage revenues and ancillary services, favorable volume mix and the inclusion of the new terminals in Portland, Oregon USA and Rijeka, Croatia. Excluding the revenues from the newly acquired terminals, organic revenue growth was at 23 percent. For the quarter ending 30 June 2011, revenues was at US$164.2 million, 30 percent greater than the US$126.2 million generated in 2010.
Total consolidated cash operating expenses for the first six months grew 45 percent to US$134.2 million from US$92.6 million in the same period in 2010. The increase was mainly driven by the growth in volume-related expenses and start-up and operating expenses of ICTSI Oregon Inc. and Adriatic Gate Container Terminal.
Consolidated EBITDA for the first half of 2011 grew 21 percent to US$143.3 million, from US$118.7 million in 2010 mainly due to the double-digit volume growth across all geographic segments of the Group and stronger revenues from storage and ancillary services. Consolidated EBITDA margin, however, declined in the first half of 2011 by three percentage points to 45 percent, from 48 percent in the same period in 2010 due to higher business development and start-up expenses and higher equipment and facilities-related expenses.
For the first six months of 2011, consolidated financing charges and other expenses increased 10 percent to US$24.0 million compared to the previous year¹s US$21.8 million. The increase was primarily due to higher debt level brought about by the issuance of the US$450.0 million senior notes in 2010. Second quarter 2011 consolidated financing charges and other expenses decreased by 30 percent to US$10.5 million compared to last year¹s US$15.0
