Home » Breaking News, Maritime, Ports/Terminals » ICTSI books 33% jump in 2011 income

Manila International Container Terminal, ICTSI's flagship terminal

Philippine-based publicly listed company International Container Terminal Services, Inc (ICTSI) posted a 33% increase in 2011 net income to $130.6 million due to higher revenues, lower financing charges, lower effective tax rate and a one-time gain on sale of non-core assets.

Earnings before interest, taxes, depreciation and amortization of $281.4 million were higher by 14% over the $247.7 million generated in the previous year.

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 $124.4 million, 35% more than $92.3 million in 2010.

Revenue from port operations reached $664.8 million, up 26% from $527.1 million in 2010.

Consolidated volume reached 5.233 million twenty-equivalent units (TEUs) in 2011, 25% more than the 4.202 million TEUs handled in 2010. The uptick was attributed to trade growth in markets where ICTSI’s ports are located, new shipping line customers, and consolidation of the company’s new ports in Portland, Oregon, USA and Rijeka, Croatia.

Volume from the group’s six key terminal operations in Manila, Brazil, Poland, Ecuador,

Madagascar and China, which accounted for 74% of consolidated volume for 2011, jumped 18% from 3.266 million TEUs to 3.867 TEUs.

Throughput from container terminal operations in Asia grew 11% from 2.652 million TEUs to 2.956 million TEUs, thanks to volume increases in Yantai Rising Dragon International Container Terminal Ltd. in Yantai, China; Davao Integrated Port and Stevedoring Services Corp in Davao, southern Philippines; and Mindanao International Container Terminal Services Inc in Cagayan de Oro, southern Philippines which registered respective growth of 36%, 30% and 17%. This segment accounted for 56% of consolidated volume in 2011 compared to 63% in 2010.

Volume from container terminal operations in the Americas grew 50% to 1.571 million TEUs in 2011 compared to 1.048 million TEUs in 2010. Contecon Guayaquil S.A. in Ecuador and Tecon Suape S.A. in Brazil delivered growth of 35% and 28%, respectively.

Container terminal operations in Europe, Middle East and Africa handled 706,357 TEUs in 2011, 41% higher than the 501,275 TEUs handled in 2010. Baltic Container Terminal in Poland saw a 29% volume growth while Batumi International Container Terminal Ltd. nearly tripled the 16,318 TEUs it handled in 2010 to 45,442 TEUs in 2011.

Total consolidated cash operating expenses for 2011 grew 43% to $289.3 million from $203 million in 2010 driven by higher labor and contracted services, overtime, fuel and power cost and consumption, repairs and maintenance, among others.

Capital expenditure amounted to $227.8 million and was spent for civil works and major equipment at terminals in Manila, Ecuador and Brazil and port development projects in Argentina and Mexico.

For 2012, the estimated consolidated capital expenditure is $550 million, of which $345 million will be for greenfield projects in Argentina, Mexico and Colombia, and the balance for civil works, systems improvement, and purchase of major cargo-handling equipment in Manila, Croatia, Brazil and Ecuador.

Photo courtesy of International Container Terminal Services, Inc

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