ICTSI’s net profits rise 39 percent to $101.4 million during the first nine months of the year

11 Nov 2011 - Port Planning

• ICTSI records net profits of US$101.4 million for the first nine months of 2011

• Figure represents a 39% rise over last years figures of $73.0 million

International Container Terminal Services, Inc. (ICTSI) recorded a net profit of US$101.4 million for the first nine months of 2011.

The figure represents a 39% increase on the company's net income attributable to equity holders of $73.0 in the same period in 2010.

ICTSI commmented that its higher net income was mainly due to the upsurge in revenues, lower effective tax rate for the period and a one-time gain on sale of non-core assets. 

Excluding the effect of non-recurring income and charges in both 2011 and 2010, net income attributable to equity holders for the first nine months of 2011 would have been $95.3 million, 50% higher than the $63.6 million in the same period in 2010. 

The Manila-based port operator also recorded revenues of $490.9 million during the first nine months of 2011, representing a 29% increase on revenues in the same period in 2010 of $380.6 million.

ICTSI's Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $215.2 million, up 18% on 2010.

In 2011, ICTSI sold its 16.79% ownership stake in Portek International Limited, and booked a one-time equity tax charge imposed by the Colombian tax authorities on all legal entities and individuals in Colombia. 

In 2010, on the other hand, ICTSI sold its 9.54% ownership stake in Subic Shipyard and Engineering, Inc. and 8.56% ownership stake in Consort Land, Inc. and wrote-down the carrying value of certain property assets related to the company’s greenfield project in Buenaventura, Colombia.  

ICTSI handled consolidated volume of 3,844,040 TEUs in the first nine months of 2011, 25% more than the 3,070,246 TEUs handled in the same period in 2010. 

ICTSI noted that the increase in volume was down to the continued upturn in international trade, particularly in markets where ICTSI’s ports are located, and the consolidation of the Company’s new ports in Portland, Oregon, USA and Rijeka, Croatia. 

For the quarter ending 30 September 2011, revenue from port operations was 29% higher at $171.8 million from $133.6 million in 2010. 

EBITDA increased 13%, from $63.8 million to $71.9 million, and net income attributable to equity holders grew 35%, from $30.7 million to $41.4 million. 

The third quarter net income attributable to equity holders included non-recurring income and charges related to the sale of ICTSI’s stake in Portek International Limited in 2011. This also included the sale of ICTSI’s stakes in Subic Shipyard and Engineering, Inc. and Consort Land, Inc and a write-down of the carrying value of certain property assets related to the company’s project in Buenaventura, Colombia in 2010.