The higher net income attributable to equity holders for the first semester was mainly due to the modest growth in volume and revenues in all three geographic segments, and lower financing charges. Earnings per share for the period was slightly lower at US$0.030 from US$0.031 in 2011 due to the effect of the distributions on the additional US$150.0 million and the initial US$200.0 million subordinated perpetual capital securities issued in January 2012 and May 2011, respectively.
For the quarter ending 30 June 2012, revenue from port operations increased four percent from, US$164.2 million to US$171.2 million. EBITDA was flat at US$72.3 million, from US$72.1 million, and net income attributable to equity holders grew 11 percent, from US$31.5 million to US$34.9 million. Earnings per share for the quarter declined, from US$0.016 in 2011 to US$0.015 due to the effect of the distributions on the additional US$150.0 million, and the initial US$200.0 million subordinated perpetual capital securities issued in January 2012 and May 2011, respectively.
ICTSI handled consolidated volume of 2,697,735 twenty-foot equivalent units (TEUs) in the first half of 2012, nine percent more than the 2,483,977 handled in the same period in 2011. The increase in volume was mainly due to the continued growth in international trade where the Group’s terminals are located, new shipping line routes and customers, continuous containerization of break bulk cargoes, and the full period contribution of the Company’s new container terminals in Portland, Oregon, USA and Rijeka, Croatia. Excluding the volume from the two latest container terminal acquisitions, organic volume growth was at seven percent. Volume from the Group’s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 74 percent of the Group’s consolidated volume for the first half of 2012, increased nine percent, from 1,840,887 TEUs to 2,002,780 TEUs. For the quarter ending June 30, 2012, total consolidated throughput was four percent higher at 1,359,419 TEUs compared to 1,312,008 TEUs in 2011.
Gross revenues from port operations for the first six months of 2012 increased eight percent to US$345.0 million, from the US$319.1 million reported in the same period in 2011. The increase in revenues for the first half of 2012 was mainly due to the volume growth on all geographic segments, higher storage revenues and ancillary services, favorable volume mix, tariff increases at key terminals, and the full period contributions of the terminals in Portland, Oregon USA and Rijeka, Croatia. Excluding the revenues from the newly acquired terminals, organic revenue growth was at six percent. Revenue contribution from the Group’s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 84 percent of the Group’s consolidated revenues for the first half of 2012, increased six percent from US$274.0 million to US$290.4 million.
For the quarter ending 30une 2012, revenues were US$171.2 million, four percent higher than the US$164.2 million generated in 2011.
Total consolidated cash operating expenses for the first six months of 2012 grew 11 percent to US$149.1 million, from US$134.2 million in the same period in 2011. The increase was mainly driven by higher volume-related expenses (i.e. fuel, power and repairs and maintenance), government-mandated and contracted salary rate increases in certain termi
