Home » Ports/Terminals » ICTSI income jumps 24% in first quarter to $35.4 million

Manila-based International Container Terminal Services, Inc (ICTSI) posted a 24% increase in net income to $35.4 million in the first quarter of the year from $28.5 million year-on-year.

Consolidated revenues from January to March grew 12% to $173.8 million compared to last year’s $154.9 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) of $76.7 million was also 8% higher than the $71.2 million generated in 2011.

Volume handled for the period in review reached 1.338 million twenty-foot equivalent units, up 14% from 1.171 million TEUs.

“The increase in volume was mainly due to the sustained growth in countries where ICTSI’s terminals are located, new shipping lines and routes and the inclusion of the TEU volume generated by the Company’s new terminals in Portland, Oregon, USA and Rijeka, Croatia,” ICTSI said in a release.

“Excluding the volume from the two latest port acquisitions, organic volume growth was at 9%.”

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

Madagascar and China grew 11% to 992,865 TEUs from 896,419 TEUs. The six operations accounted for 74% of consolidated volume in the first quarter.

Gross revenues from port operations went up 12% to $173.8 million from $154.9 million due mainly to tariff increases in certain key terminals, higher storage revenues and ancillary services, favorable volume mix, and the operation of new terminals in Portland, Oregon, USA and Rijeka, Croatia.

Total consolidated cash operating expenses for the first quarter jumped 16% to $73.8 million from $63.5 million mainly driven by higher manpower cost and facilities-related expenses relating to new terminal operations in Portland, Oregon, USA and Rijeka, Croatia; higher contracted services; overtime, power, fuel, and repairs and maintenance expenses from existing operations; and higher concession fees in the northeastern Brazil port operated by ICTSI subsidiary Tecon Suape S.A.

Consolidated EBITDA for the first quarter rose 8% to $76.7 million from $71.2 million, thanks to volume growth across all geographic segments of the group, favorable volume mix, tariff rate increases and stronger revenues from storage and ancillary services.

Capital expenditure for the first quarter amounted to $96.7 million against a full-year budget of $550 million. The budget is earmarked for greenfield projects in Argentina, Mexico and Colombia; civil works; systems improvement; and purchase of cargo-handling equipment at operations in Manila, Croatia, Brazil, and Ecuador.

Photo courtesy of ICTSI

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