INTERNATIONAL Container Terminal Services, Inc (ICTSI) reported a 42% jump in first-half net income to $60 million from $42.4 million year-on-year, thanks to higher foreign volumes and stronger revenues from storage and ancillary services from foreign operations.
From January to June, consolidated revenues from port operations grew 29% to $319.1 million from $246.9 million in the same period last year.
Earnings before interest, taxes, depreciation and amortization (Ebitda) increased 21% to $143.3 million from $118.7 million.
Consolidated volume reached 2.483 million twenty-foot equivalent units for the period in review or 24% higher than the 2.009 million TEUs handled last year.
ICTSI attributed the rise in volume to continued upturn in international trade, particularly in markets where ICTSI’s ports are located.
Gross revenues from port operations jumped 29% to $319.1 million from $246.9 million in 2010 due to strong volume growth in all geographic segments, higher storage revenues and ancillary services, favorable volume mix, and the inclusion of the terminals in Portland in Oregon, US and Rijeka in Croatia.
Total consolidated cash operating expenses for the six-month period grew 45% to $134.2 million from $92.6 million again due to growth in volume-related expenses and start-up and operating expenses of ICTSI Oregon and the Adriatic Gate Container Terminal in Croatia.
Consolidated EBITDA rose 21% to $143.3 million from $118.7 million because of the double-digit volume growth across all geographic segments and stronger revenues from storage and ancillary services.
ICTSI’s capital expenditure amounted to $70.5 million in the first six months of the year, mostly spent on civil works and major equipment at its Manila terminal.
For the entire year, ICTSI has earmarked $356 million in capital expenditures mainly for new projects in Argentina, Mexico and Colombia and for civil works, systems improvement, and purchase of major cargo-handling equipment at its terminal operations in Manila, Brazil and Ecuador.
Photo by pthread1981
