International Container Terminal Services, Inc. (ICTSI) reported consolidated unaudited net income attributable to equity holders for the first nine months of the year fell 29 percent to $37.2 million from $52.4 million in the same period of 2008.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said the lower net income attributable to equity holders was mainly due to lower volume brought about by the decline in global trade.

It also blamed higher interest expense due to higher debt level, and the depreciation of currencies in the countries where ICTSI’s ports are located (Philippine peso, Brazilian reais, Malagasy ariary, Euro) relative to the US dollar.

Excluding the effects of foreign exchange translation, net income attributable to equity holders should have declined by 21 percent to $41.2 million.

For the nine months ending September 30, 2009, revenue from port operations decreased 15 percent from $352.3 million to $299.3 million while EBITDA (earnings before income tax, depreciation and amortizations) also decreased 17 percent from $154.9 million to $129.1 million.

"Global economic conditions continue to be more challenging than in recent years. Third quarter throughput volumes were stronger than the first two quarters, and the benefits of our cost containment efforts also contributed to ICTSI’s improving financial results," said ICTSI chairman Enrique Razon Jr.

ICTSI’s throughput in the nine months ended September 30, 2009, reached 2,533,951 TEUs compared to 2,776,973 TEUs in 2008, a decline of 9 percent.

Volume from the Company’s container terminal operations in Asia for the first nine months of the current year was 1,604,787 TEUs, barely lower than the 1,624,678 TEUs in same period in 2008.

ICTSI’s container terminal operations in Asia, comprised of the terminals in the Philippines, Indonesia, Japan, and China, accounted for 63 percent of consolidated volumes in the third quarter of the current year.

The Company’s container terminal operations in the Americas, comprised of Brazil and Ecuador operations, for the first three quarters was 626,410 TEUs in 2009 compared to 647,389 TEUs in 2008.

The share of the container volume from the Americas slightly grew from 23 percent in the third quarter of 2008 to 25 percent in the same period this year.

Container terminal operations in EMEA, comprised of terminals in Poland, Madagascar, Syria, and Georgia, handled 302,754 TEUs compared to 504,906 TEUs in the same period in 2008. EMEA accounted for 12 percent of the Group’s volume in the third quarter of 2009.