The higher net income attributable to equity holders was mainly due to the recovery in global trade, the upsurge in revenues combined with modest increase in cash operating expenses, lower effective tax rate for the period and also includes a one-time gain on sale of non-core assets.
After adjusting for the effect of non-recurring income related to the sale of ICTS's 9.54% ownership stake in Subic Shipyard and Engineering, Inc. and 8.56% in Consort Land, Inc and a write-down of the carrying value of certain property assets related to the company's Greenfield project in Buenaventura, Colombia, net income attributable to equity holders for the period would have been US$88.9 million, 62 percent higher than the same period in 2009.
"2010 was a record year for ICTSI reflecting both the strong rebound in trade volumes as well as our continued focus on cost containment. We are well positioned for continued growth in the future," said Enrique K. Razon Jr., ICTSI Chairman and President. ICTSI handled consolidated volume of 4,202,574 twenty-foot equivalent units (TEUs) in 2010, 18 percent higher compared to the 3,557,256 TEUs handled in 2009. Throughput in the fourth quarter was 1,132,328 TEUs, an 11 percent improvement versus the 1,023,305 TEUs handled in the same period in 2009.
Throughput from the Company's container terminal operations in Asia increased by 18 percent to 2,652,328 TEUs in 2010 from 2,250,924 TEUs in the same period in 2009. The increase in volume was mainly due to a 15 percent volume increase at MICT (Manila International Container Terminal), a 16 percent volume increase at YRDICTL (Yantai Rising Dragon International Container Terminal Ltd.), and a 27 percent increase at DIPSSCOR (Davao Integrated Port and Stevedoring Services Corp.).
Volume contribution from ICTSI's container terminal operations in Asia remained at 63 percent of consolidated volume.
Volume from the Group's container terminals in the Americas, comprised mainly of the operations in Brazil and Ecuador, registered the highest growth rate in 2010 amongst the three regional segments with a 20 percent increase from 876,200 TEUs to 1,048,971 TEUs. Both container terminal operations in Latin America turned in excellent volume contributions in 2010 with TSSA (Tecon Suape, S.A.) in north eastern Brazil performing exceptionally well with a 35 percent increase while CGSA (Contecon Guayaquil, S.A.) in Ecuador increased by 13 percent.
Container volume from the Americas accounted for 25 percent of the Group's consolidated volume in 2010.
The Company's Europe, Middle East, and Africa (EMEA) operations, comprised of terminals in Poland, Madagascar, Syria, and Georgia, experienced recovery in throughput with a 17 percent improvement from 430,132 TEUs in 2009 to 501,275 TEUs for the same period in 2010. The increase in throughput in EMEA was mainly due to a 24 percent volume increase at BCT (Baltic Container Terminal) in Gdynia, Poland. EMEA accounted for 12 percent of the Group's consolidated volume in 2010.
Full year gross revenues from port operations increased by 25 percent to US$527.1 million, from the US$421.7 million reported last year due largely to the higher volume brought about by the recovery in global trade. Compared to the US$463.1 million of revenues booked in 2008, the revenues for the same period in 2010 represent an increase of 14 percent. The increase in revenues in 2010 was mainly due to the increase in volumes handled in all of the Company's container te
