Half-year revenues up 20%, cargo volumes rise 12%
International Container Terminal Services Inc (ICTSI) has reported double-digit growth for both its container throughput and revenues for the first half of the year.
The Manila-based terminal operator saw box volumes jump 12 percent year-over-year to 3.0 million TEU and revenues climb 20 percent to US$413.7 million, according to a disclosure to the Philippine Stock Exchange.
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) improved 26 percent to $188.1 million, when compared to the $149.2 million generated in the first half of 2012, while net income attributable to equity holders of $82.9 million, was also up by 18 percent.
In a statement, ICTSI said that its higher earnings and surge in box traffic were in the main driven by “strong revenue growth and margin improvement in certain key terminals and the contribution of the new terminal in Karachi Pakistan”.
The company’s gross revenues from port operations grew 20 percent to $413.7 million from the $345.0 million reported in the same period in 2012.
ICTSI also announced this week that its Mexican subsidiary Contecon Manzanillo, S.A. (CMSA) recently serviced its first vessel, the 5,500 TEU capacity Maersk Kalamata, at the new Specialized Container Terminal 2 (SCT) in Manzanillo, Mexico. The SCT 2 will be officially inaugurated later this year.