International Container Terminal Services, Inc. (ICTSI) has reported consolidated unaudited financial results for the six months ended 30 June 2010, posting first half revenue from port operations of US$246.9 million, an increase of 31 percent over the US$188.8 million reported last year; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$118.7 million, 49 percent higher than the US$79.9 million generated in 2009; and net income attributable to equity holders of US$42.4 million, up 83 percent over the US$23.2 million earned last year.

The higher net income attributable to equity holders was mainly caused by the upsurge in revenues, modest increase in cash operating expense, and lower effective tax rate for the period.

For the quarter ending 30 June 2010, revenue from port operations increased 32 percent, from US$96.0 million to US$126.3 million. EBITDA, on the other hand, was up 50 percent, from US$41.5 million to US$62.1 million, and net income attributable to equity holders grew 61 percent from US$12.2 million to US$19.6 million. The second quarter net income attributable to equity holders included an acceleration of US$2.9 million of unamortized debt issue cost associated with the loans that were prepaid during the quarter as part of the company’s liability management exercise. Excluding this accelerated debt issue cost charge, net income attributable to equity holders should have increased to US$21.6 million or an increase of 78 percent compared to the same period in 2009.