International Container Terminal Services, Inc. (ICTSI) said revenue from port operations in 2013 rose 17% to US$852.4 million and net profit surged 20% to $172.4 million, mainly on strong revenue growth and bigger margins in certain key terminals and the contribution from its new cargo hub in Pakistan.
Audited consolidated financial results for the year ended Dec. 31, 2013, showed earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 23% to $377.3 million, from $307.6 million last year,
Diluted earnings per share climbed 22% to $0.071, compared with $0.058 in 2012.
In 2012, the global port operator led by Enrique Razon Jr. posted revenue from port operations of $729.3 million and net income attributable to equity holders of the parent totaling $143.2 million.
ICTSI handled consolidated volume of 6.309 twenty-foot equivalent units (TEUs) in 2013, an increase of 12% from its 5.628 TEUs throughput in 2012.
“The increase in volume was mainly due to the continuous growth in international and domestic trade in most of the company’s terminals, new shipping lines and routes,” ICTSI said in a disclosure to the Philippine Stock Exchange.
The company said full-year contribution of new terminals, PT Olah Jasa Andal and Pakistan International Container Terminal (PICT), consolidated in August and October 2012, respectively, and the start of commercial operations of new terminals Contecon Manzanillo S.A. de C.V. (CMSA) last November and Operadora de Puerto Cortés, S.A. de C.V. last December helped drive the revenue and earnings growth.
Excluding the volume contribution from the four new terminals and the effects of the cessation of Syrian port operations effective January 2013, organic volume growth increased 2%.
ICTSI’s ’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 78% of the group’s consolidated volume in the 2013.
Consolidated cash operating expenses in 2013 grew 13% to $359.5 million from $318.9 million in 2012, while consolidated financing charges and other expenses surged 38% to $48.2 million from $35 million in 2012 due mainly to higher outstanding interest-bearing debt.
ICTSI issued $400 million of 10-year bonds in January 2013 mainly to fund its capital expenditure program for 2013 and refinance medium-term loans, and its subsidiaries in Ecuador, Poland and Croatia availed of term loans locally.
Capital expenditure in 2013 amounted to US$477.6 million against a full-year capital expenditure budget of $550 million.
Photo from www.ictsi.com