ICTSI 1Q income up 25% to US$28.5 million

By: | at 08:00 PM | Ports & Terminals  

International Container Terminal Services, Inc. (ICTSI) yesterday reported consolidated unaudited financial results for the quarter ended 31 March 2011, posting revenue from port operations of US$154.9 million, an increase of 28 percent over the US$120.7 million reported last year, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$71.2 million, 26 percent higher than the US$56.6 million generated in 2010, and net income attributable to equity holders of US$28.5 million, up 25 percent over the US$22.8 million earned last year.

The higher net income was mainly due to an increase in volume brought about by the continued recovery of international trade, favorable container volume mix, and higher revenues from storage and ancillary services.

ICTSI handled consolidated volume of 1,171,969 twenty foot equivalent units (TEUs) in the first quarter of 2011, 22 percent higher compared to the 962,028 TEUs handled in the same period in 2010. The increase in volume was mainly due to the continued recovery of the global economy particularly in markets where ICTSI’s terminals are located, and the inclusion of the TEU volume generated from the company’s new terminal in Portland, Oregon, USA.

Throughput from the company’s container terminal operations in Asia increased 13 percent to 687,196 TEUs in the first quarter of 2011 compared to 610,401 TEUs in 2010. The ICTSI Group’s container terminal operations in Asia accounted for 59 percent of consolidated volume in the first quarter of 2011 with Yantai Rising Dragon International Container Terminal Ltd. (YRDICTL) in Yantai, China, Mindanao International Container Terminal Services Inc. (MICTSI) in Cagayan de Oro, southern Philippines and Davao Integrated Port and Stevedoring Services Corp. (DIPPSCOR) in Davao, southern Philippines registering exceptional volume growth levels of 51 percent, 36 percent and 34 percent, respectively.

Volume from the Group’s container terminal operations in the Americas grew 46 percent to 345,306 TEUs in 2011, from 236,588 TEUs handled in the same period in 2010. The Group’s two operating container terminals in Latin America continued to deliver excellent volume growth in the first quarter of 2011 with Contecon Guayaquil SA (CGSA) in Ecuador posting a 39 percent increase and Tecon Suape, S.A. (TSSA) in north eastern Brazil increasing by 29 percent. This region also benefited from the volume generated by the newly acquired terminal in Portland, Oregon, USA which the Group began to operate in 12 February 2011. The contribution of container volume from the Americas increased from 25 percent to 29 percent.

Container terminal operations in Europe, Middle East, and Africa (EMEA), comprised of terminals in Poland, Madagascar, Syria and Georgia, handled 139,467 TEUs in the first quarter of 2011, 21 percent higher compared to the 115,039 TEUs handled in the same period in 2010. Batumi International Container Terminal LLC (BICTL) in Batumi, Georgia, Baltic Container Terminal (BCT) in Gdynia, Poland, and Tartous International Container Terminal (TICT) in Tartous, Syria all registered impressive throughputs with volume growth levels of 294 percent, 25 percent and 11 percent, respectively. EMEA operations accounted for 12 percent of consolidated volume in first quarter of 2011.

First quarter 2011 gross revenue from port operations increased 28 percent to US$154.9 million, from US$120.7 million reported in the same period in 2010. The increase in revenues was mainly due to the growth in volume in all geographic segments, favorable container volume mix, higher storage revenues and revenues generated from the Group’s new terminal operations in Portland, Oregon, USA.

In addition, gross revenue contribution from the Group’s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 89 percent of the Group’s consolidated gross revenue for the quarter, increased 25 percent, from US$109.7 million in 2010 to US$137.2 million in 2011.

Gross revenue from container terminal oper


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