Manila-based International Container Terminal Services, Inc reported its net income attributable to equity holders in 2012 rose 10% to $143.2 million from $130.5 million year-on-year, due to the full operation of new terminals.
In a disclosure to the Philippine Stock Exchange, ICTSI said gross revenue from port operations also jumped 10% from $664.8 million in 2011 to $729.3 million in 2012.
ICTSI said the full operation of its new ports in Portland, Oregon, USA and Rijeka, Croatia, and consolidation of volume generated by new terminal operations in Jakarta, Indonesia and Karachi, Pakistan helped pushed the revenue and container volume growth last year.
ICTSI handled 5.63 million 20-foot-equivalent units for the year, up 8% from 5.23 million TEUs in the previous year. The increase in volume was mainly driven by gains in international and domestic trade; new shipping line customers and routes; containerization of breakbulk cargoes; the full-period contribution of the company’s new operations in Portland, Oregon, and Rijeka, Croatia; and the consolidation of the volume generated by the company’s new terminal operations in Jakarta, Indonesia, and Karachi, Pakistan. Excluding the volume from the four recent port acquisitions, organic volume improved 4% year-over-year.
Volume from the group’s six key terminal operations in the Philippines, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 73% of the group’s consolidated volume for 2012, rose 6% from 3.87 million TEUs to 4.11 million TEUs. Revenue contribution, which accounted for 83% of the group’s consolidated revenue in 2012, increased 7% from $565.6 million to $602.8 million.
This year, ICTSI is allocating capital expenditures of $550 million mainly for the completion of Argentina and Mexico projects, targeted to start operations in 2013 and 2014, respectively, and the ramp-up of construction activities for its Colombia and Davao ports.
This compares with last year’s capex of $465.6 million which funded construction of a new berth and additional yard space, and acquisition of cargo-handling equipment at the Manila International Container Terminal. Part of the budget was spent for capacity expansion in operations in Ecuador and Brazil, and the development of new container terminals in Tecplata and Contecon Manzanillo S.A.
The capex will be funded through a combination of cash balances, internally-generated funds and bank loans.
Image from ictsi.com