The higher net income attributable to equity holders was mainly due to the upsurge in revenues, lower effective tax rate for the period 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 for the first nine months of 2011 would have been US$95.3 million, 50 percent higher than the US$63.6 million in the same period 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. and wrote-down the carrying value of certain property assets related to the company’s greenfield project in Buenaventura, Colombia.
For the quarter ending 30 September 2011, revenue from port operations was 29 percent higher at US$171.8 million from US$133.6 million in 2010. EBITDA increased 13 percent, from US$63.8 million to US$71.9 million, and net income attributable to equity holders grew 35 percent, from US$30.7 million to US$41.4 million. The third quarter net income attributable to equity holders included non-recurring income and charges related to the sale of ICTSI’s 16.79 percent ownership stake in Portek International Limited in 2011, and the sale of ICTSI’s 9.54 percent ownership stake in Subic Shipyard and Engineering, Inc. and 8.56 percent in Consort Land, Inc and a write-down of the carrying value of certain property assets related to the company’s project in Buenaventura, Colombia in 2010. Removing the effect of these one-time gains and charges, net income attributable to equity holders for the period would have been US$33.0 million, 55 percent higher compared to the US$21.3 million for the same period in 2010.
ICTSI handled consolidated volume of 3,844,040 twenty-foot equivalent units (TEUs) in the first nine months of 2011, 25 percent more than the 3,070,246 TEUs handled in the same period 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 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 19 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 2011, increased 19 percent from 2,397,981 TEUs to 2,845,894 TEUs. For the quarter ending 30 September 2011, total TEUs handled was 28 percent higher at 1,360,063 TEUs compared to 1,060,641 TEUs in 2010.
Gross revenues from port operations for the first nine months of 2011 increased 29 percent to US$490.9 million from the US$380.6 million reported in the same period in 2010. The increase in revenues for the first nine months of 2011 was mainly due to the strong 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 and Rijeka, Croatia. Excluding the revenues from the newly acquired terminals, organic revenue growth was 22 percent. Re
