International Container Terminal Services, Inc. (ICTSI) reported consolidated audited financial results for the year ended December 31, 2011 posting revenue from port operations of US$664.8 million, 26 percent higher than the US$527.1 million reported last year, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$281.4million, an increase of 14 percent over the US$247.7 million generated in 2010, and net income attributable to equity holders of US$130.5 million, up 33 percent over the US$98.3 million earned last year. The higher net income attributable to equity holders was mainly due to the upsurge in revenues, lower financing charges, lower effective tax rate and a one-time gain on sale of non-core assets. Excluding the effect of non-recurring income and charges in both 2011 and 2010, net income attributable to equity holders in 2011 would have been US$124.4 million, 35 percent higher than the US$92.3 million in 2010. In 2011, ICTSI sold its 16.79 percent ownership stake in Portek International Limited and booked a one-time equity tax charge imposed by the Colombian tax authorities on all legal entities and individuals in Colombia. In 2010, on the other hand, ICTSI sold its 9.54 percent ownership stake in Subic Shipyard and Engineering, Inc. and 8.56 percent ownership stake in Consort Land, Inc., accelerated debt issuance cost related to the Company’s refinancing exercise, and wrote-down the carrying value of certain property assets related to the company’s greenfield project in Buenaventura, Colombia.

ICTSI handled consolidated volume of 5,233,795 twenty-foot equivalent units (TEUs) for the year ended December 31, 2011, 25 percent more than the 4,202,574 TEUs handled 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, new shipping line customers 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 an impressive 18 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 2011, increased 18 percent from 3,266,133 TEUs to 3,867,407 TEUs.

Throughput from the Company’s container terminal operations in Asia increased 11 percent in 2011 from 2,652,328 TEUs to 2,956,433 TEUs. The increase was due mainly from the exceptional volume increases from the Company’s operations in Yantai Rising Dragon International Container Terminal Ltd. (YRDICTL) in Yantai, China, Davao Integrated Port and Stevedoring Services Corp. (DIPSSCOR) in Davao, southern Philippines, and Mindanao International Container Terminal Services Inc. (MICTSI) in Cagayan de Oro, southern Philippines which registered 36 percent, 30 percent and 17 percent growths, respectively. This segment accounted for 56 percent of consolidated volume in 2011 compared to 63 percent in 2010.

Volume from the Company’s container terminal operations in the Americas grew by 50 percent to 1,571,005 TEUs in 2011 compared to the 1,048,971TEUs handled in 2010. Contecon Guayaquil S.A. (CGSA) in Ecuador and Tecon Suape S.A. (TSSA) in Brazil continued to deliver excellent volume growth with 35 percent and 28 percent increases, respectively. This segment also benefited from the volume generated by the newly acquired terminal in Portland, Oregon, USA. ICTSI Oregon, Inc. (IOI), a subsidiary of ICTSI, took over the operations of the container terminal in Portland, Oregon, USA on February 12, 2011 and added 176,751 TEUs to the Group’s throughput for the year. The contribution of container volume from the Americas increased from 25 percent in 2010 to 30 percent in 2011.

Container terminal operations in Europe, Middle East and Africa (EMEA) handled 706,357 TEUs in 2011, 41 percent higher than the 501,275 TEUs handled in 2010. Baltic Container Terminal (BCT) in Poland continued to p