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ICTSI profit up 20% at $172.4M in 2013

International Container Terminal Services, Inc. (ICTSI) recorded a 20 percent hike in audited consolidated attributable net income to US$172.4 million last year from the US$143.2 million earned in 2012.

In a disclosure to the Philippine Stock Exchange, the firm said the higher attributable net income was mainly due to strong revenue growth and margin improvement in certain key terminals and the contribution from the new terminal in Karachi, Pakistan.

Revenue from port operations reached US$852.4 million, an increase of 17 percent over the US$729.3 million reported in 2012.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) rose 23 percent to US$377.3 million, the US$307.6 million generated in 2012.

ICTSI handled consolidated volume of 6,309,840 twenty-foot equivalent units (TEUs) for the year ended December 31, 2013, 12 percent more than the 5,628,021 TEUs handled 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; and new shipping lines and routes.

It was also pushed by full year contribution of new terminals, PT Olah Jasa Andal (PT OJA) and Pakistan International Container Terminal (PICT), which were consolidated in August 2012 and October 2012, respectively; and the start of commercial operations of new terminals, Contecon Manzanillo S.A. de C.V. (CMSA) and Operadora de Puerto Cortés, S.A. de C.V. (OPC), beginning November 2013 and December 2013, respectively.

Excluding the volume contribution from the four new terminals and the effect of the cessation of the operations in Syria effective January 2013, organic volume growth increased by two percent.

ICTSI’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 78 percent of the Group’s consolidated volume in the 2013.

Gross revenues from port operations in 2013 surged 17 percent to US$852.4 million from the US$729.3 million reported in 2012 mainly due to volume growth, higher storage revenues and ancillary services, tariff rate increases in certain key terminals, full year contribution of the terminal operations in Karachi, Pakistan and Jakarta, Indonesia, and inclusion of the new terminals in Manzanillo, Mexico and Puerto Cortes, Honduras.