Recurring net income attributable to equity holders increased 11 percent for the first nine months of 2012 after adjusting the previous period’s net income attributable to equity holders to US$95.3 million from the one-time net gain of US$6.1 million from the sale of ICTSI’s 16.79 percent ownership stake in Portek International Limited and a one-time equity tax charge imposed by the Colombian tax authorities on all legal entities and individuals in Colombia.
For the quarter ending 30 September 2012, revenue from port operations was five percent higher at US$179.7 million, from US$171.8 million in 2011. EBITDA increased seven percent, from US$71.9 million to US$76.6 million. Net income attributable to equity holders declined 14 percent, from US$41.4 million to US$35.5 million. Net income attributable to equity holders in the third quarter of 2011 included a non-recurring income related to the sale of ICTSI’s 16.79 percent ownership stake in Portek International Limited. Adjusting the net income in the third quarter of 2011 lower to US$33.0 million after removing the effect of the one-time gain of US$8.4 million, recurring net income attributable to equity holders for the third quarter 2012 would have increased eight percent.
ICTSI handled consolidated volume of 4,083,842 twenty-foot equivalent units (TEU) in the first nine months of 2012, six percent more than the 3,844,040 TEUs handled in the same period in 2011. The increase in volume was mainly due to the growth in international and domestic trade, new shipping line customers and routes, continuous containerization of breakbulk cargoes and the full period contribution of the Company’s new ports in Portland, Oregon, USA and Rijeka, Croatia as well as the consolidation of the volume generated by the Company’s new container terminal operations in Jakarta, Indonesia. Excluding the volume from the three recent port acquisitions, organic volume growth was four 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 nine months of 2012, increased seven percent, from 2,845,894 TEUs to 3,039,898 TEUs.
For the quarter ending 30 September 2012, total TEUs handled was two percent higher at 1,386,107 TEUs compared to 1,360,063 TEUs in 2011. The increase in volume was mainly due to the new port in Jakarta, Indonesia, which contributed 40,343 TEUs. Excluding the throughput from the newly acquired port, third quarter 2012 volume was slightly lower by one percent compared to 2011.
Gross revenues from port operations for the first nine months of 2012 increased seven percent to US$524.7 million, from the US$490.9 million reported in the same period in 2011. The increase in revenues for the first nine months of 2012 was mainly due to the volume growth across all geographic segments of the Group, higher storage revenues and ancillary services, favorable volume mix, and the inclusion of the new terminals in Portland, Oregon, USA, Rijeka, Croatia, Katupalli, India and Jakarta, Indonesia. Excluding the revenues from the newly acquired terminals, organic revenue growth was five 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 nine months of 2012, increased six percent, from US$41
