ICTSI reveal encouraging financial figures for 2010

07 Mar 2011 - Shipping

• ICTSI release financial figures for 2010

• Company post 25% increase in port operations of US$527.1 million

International Container Terminal Services Inc. (ICTSI), today reported consolidated audited financial results for the year ended December 31, 2010.

The company posted full-year revenue from port operations of US$527.1 million, an increase of 25 percent over the US$421.7 million reported last year.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$247.7 million, were up 41 percent from the US$175.7 million earned in 2009. The net income attributable to equity holders of US$98.3 million, was 79 percent higher than the US$54.9 million earned last year. 

The company put the positive results down to the recovery in global trade, an upsurge in revenues and lower effective tax rates for the period. The company also highlighted a one-time gain on the sale of non-core assets, including the sale of ICTSI’s 9.54% ownership stake in Subic Shipyard and Engineering, Inc.

Throughput from the company’s container terminal operations in Asia increased by 18 percent to 2,652,328 TEUs in 2010 from 2,250,924 TEUs in the same period in 2009. 

Whereas, the company’s Europe, Middle East, and Africa (EMEA) operations, experienced recovery in throughput with a 17 percent improvement from 430,132 TEUs in 2009 to 501,275 TEUs for the same period in 2010.

“2010 was a record year for ICTSI reflecting both the strong rebound in trade volumes as well as our continued focus on cost containment.  We are well positioned for continued growth in the future,” said Enrique K. Razon Jr., ICTSI Chairman and President.

ICTSI handled a consolidated volume of 4,202,574 twenty-foot equivalent units (TEUs) in 2010, 18 percent higher compared to the 3,557,256 TEUs handled in 2009.  Throughput in the fourth quarter was 1,132,328 TEUs, an 11 percent improvement versus the 1,023,305 TEUs handled in the same period in 2009.